Slope of Hope Blog Posts
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.
Wow, what a day! Although the ES bounced about ten points off its lows, I actually prefer it that way. Closing at the lows usually means a big bounce the following day. I’d rather just grind it down one day at a time. I’ll do a longer post later – probably a video – but I at least wanted to mention Stabucks. They are one of my 99 short positions, and they just reported earnings. As I’m typing this, they are pretty much unchanged on the report (they’re wobbling between slightly up and slightly down), but I think this is going to drop to $66 in the weeks ahead.
A thoughtful Tastytrade viewer sent me the picture he took in Las Vegas today. As you can see, even in sin city, Tastytrade is making its mark in a big way!
As the USD/JPY falls to pieces, equity markets are following suit. Looking at the daly chart of the USD/JPY, there is plenty more room to fall. My 99 shorts are doing well, thank you very much, although I’ve taken profits in a few blowouts like AEO, HERO, and ACAT. Those, of course, were simply occasional winners,. We all do what we can.
I gave the ES range in two parts yesterday morning, 1826 to 1835, and 1835 to 1844. The RTH low yesterday was 1835 dead and the overnight high was 1844 dead. Clearly ES has not yet broken out of the range. There was a sharp decline on the Chinese PMI numbers and ES broke down into the lower half of the range and then retested the 50 hour MA on a bounce. The opening advantage belongs to the bears this morning, and as long as we don’t see a break back over the ES 50 hour MA, currently in the 1837 area, then we may well see a test of range support at 1826 today. ES 60min chart: (more…)
The occasional winners just keep coming! Maybe there really is something to this charting stuff.
You’ll recall my touting Hercules Offshore as a great short. Well, in just a couple of weeks of time, it has fallen to its supporting trendline. I just covered at a very good profit. Huzzah!