Early this week, on Monday morning, the market was melting like an ice cream cone on a summer’s day. It was glorious. Of course, that only lasted for a couple of hours. I had forgotten what that feeling was like, though – – where stock prices just slip without any bids. But as the chart below illustrates, there’s a reason such a feeling is as rare as hen’s teeth: the last time the market had honest-to-God weakness was nearly three years ago; as the exponential moving averages (in this case, on the S&P 500) illustrates, it’s just been a steady drift higher.
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.
I’ve had this short on for a couple of weeks, and it’s finally starting to break down nicely. I think there’s plenty of downside left.
Here’s today’s watch-list:
Long Horizon Pharma (HZNP)
In spite of the big bounce over the past couple of weeks, biotech – it seems to your humble host – has shot its wad. I’ve tinted the zone I believe represents meaningful resistance. My bet is that the weakness has already started to reassert itself.