Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
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…)
