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.
The market continues to teeter at the top.
Approximately 58.5% of the ETFs we follow in the daily options blog are in a short-term extreme state at the moment. Typically when we see levels this high a short-term reprieve follows.
One of the reasons the ratio is above 58% is the international ETFs. All of the highly-liquid international ETFs we follow are in a short-term extreme. India (EPI) is by far the most overbought at the moment, but it’s actually the emerging markets ETF (EEM) that has drawn my attention. (more…)
Below are three charts which, in a normal market, I would think were dynamite bullish patterns. They are well-formed, had strong volume behind them, and have retraced back down to much more reasonable risk/reward levels. My principal hesitation is the market in general, because if the market ever gets weak (if you can imagine such a thing), these otherwise great-looking charts would be vulnerable.
Well, the Goldman Sachs target for 2014 – 1900 on the S&P 500 – was briefly reached today. At the moment, we’ve got a lovely shooting star pattern, since the round number fetish seems to have been satisfied. I trust this market as far as I can throw Oprah Winfrey, but at least we’re pausing at these levels.
Today’s Swing-Traidng Watch-List:
Long Principal Financial Group (PFG)
RUT broke up from the falling channel yesterday, and triggered the smaller double-bottom with a target in the 1150 area. A sustained break over 1160 would trigger the larger double-bottom with a target in the 1225 area. We could see a deep AM low today to retest broken channel resistance. RUT 60min chart: