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.
My success with natural gas trades is so poor that I’ve pretty much sworn off the stuff. In spite of it, I’d like to quietly point out (although not actually do anything about it) that the breakout, followed by retracement, of UNG looks like an awfully good bullish setup.
JC Penney is at levels not seen in over a third of a century. Do you know who was President of the United States when JCP traded around here? Jimmy Carter. Which makes sense, considering the fashion sense of the era.
Carter’s, the maker and retailer of children’s clothing, has a glorious head and shoulders pattern. Break 66.52, and it’s party time.
The day isn’t over yet, but on a personal level, I’ve got to say that this morning’s post from Retracement Levels was very helpful for me to time when I went heavily short. Amazing, really.
My two big winners today have been my GLD short and my NSR short, both of which I covered promptly at the opening bell. I am pretty “light” right now, relatively speaking, but oh-my-goodness, my finger is quivering over the “Execute” button where 30 short-sale orders stand at-the-ready. I am delighted to see some strength in the market today. Keep buyin’, suckers! (more…)
Back on 15th January with SPX at 1839 I wrote a morning post suggesting that the low just made was of poor quality and giving two trendline targets for a better low. We hit the lower trendline of those two yesterday and for the moment at least we now have a rising channel established from the 1646 low. It may be that this channel won’t last long, and sometimes they don’t, but as long as it survives it is now key support, and that low yesterday may have been the low before a move to the rising wedge target at 1965 begins. What is also worth noting from the daily chart is that we now have possible positive divergence on the daily RSI 5, which delivers the best short term reversal signals on the daily chart. SPX daily chart: (more…)