I am preparing to leave on a five-day journey, so I’ll go ahead and deploy this for the first day of the year. I have reached out to a few of the most prolific writers that occasionally contribute to Slope, beseeching them to add content in my absence. I’ll do my best to get their stuff posted in a relatively timely manner before things return to “normal” for me on Monday, January 6th. (more…)
Slope of Hope Blog Posts
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Penn Virginia, shown below, is one of my open positions on the short side. The pattern has a fascinating “mirror” quality to it on opposite sides of the line I’ve drawn. I’ve tightened my stop to 9.68, and I think a couple of more dollars in downside (which is nearly 20%) is in the cards.
I came into the day short GLD in a big way, and I covered promptly at the open. I have re-shorted a smaller position, although given gold’s strength, I’m not sure if it’ll get stopped out or not. In any event, the strength of gold miners is especially impressive. I wouldn’t be surprised to see a move take place similar to the one I’ve outlined below (with the final plunge taking place based on my ultimate gold target of $1,100/ounce.
Nothing much changed yesterday and I’m still expecting at least a test of the current highs before the retracement that I am expecting to start soon. The consolidation over the last two trading days has formed a clear bull flag, so a new high could well run into the mid-1850s. SPX 60min: (more…)