Slope of Hope Blog Posts
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The winter cold has set in hard around the San Francisco Bay Area (even though we’re technically still in autumn), and, now that all the day’s tasks are done, I finally have some time for a proper post.
Looking at the big equity indexes, things kind of stalled from the vicious upsurge at the point I’ve marked in green. We’re in a (very!) modest down-channel right now, and the real moment-of-truth comes if and when the price can penetrate the level I’ve marked in magenta. (more…)
In the post I did last night, I mentioned how “the new form of segregation is wealth distribution.” Well, the very next day provides us with a superb example of what I’m talking about. In the short clip below, you see a Google employee (who is very well-paid and, as all other San Francisco-based Googlers, whisked comfortably, for free, in a private bus each day from San Francisco to his company half an hour away) in a shouting match with a woman who is part of a protest of all the rich high-tech types that have taken over SF. He slips early on by revealing his true feelings, proclaming that “this is a city for the right people” (which means guys who are rewarded salaries well into the six figures straight out of the “right” college.) With Twitter nailing a new high today, the “right” people are more “right” than ever. (more…)
Island reversal patterns don’t happen that frequently, but I spotted a terrific one today in Sherwin-Williams. I have shorted SHW with a stop-loss price of $187.99.
OK, I’m back in front of my computers and ready for the new week. Here’s my first idea, which is based on a modest topping pattern and gap-fill:
I posted a chart on twitter on Friday evening showing the move up from the lows last week, and showing the strong setup there to retest the highs today. The low on Friday morning retested the break over a double-bottom targeting the 1814 area, and by the close a rising channel from the lows had formed on SPX. While that rising channel holds I’d expect a retest of the highs by lunchtime today, as the channel support trendline is rising an impressive 18 points per trading day. If it breaks down then the double-bottom remains a strong setup as long as Friday’s low at 1796.81 holds. SPX 1min chart: (more…)