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.
Here is today’s swing-trading watch-list:
Long Patterson-UTI Energy (PTEN)
I put together a very large short position in gold yesterday, via GLD. I was pleased to see gold falling last night, but early morning action indicated to me that the fall was probably done. I covered it right at the opening bell for a nice profit. As gold has been recovering this morning, I’m probably going to get right back into the same short position. It seems to me we’re going to be coming right up against the horizontal line I’ve drawn below, which I think will offer resistance.
Yesterday was another day just chopping around while we wait for this consolidation to finish. We have been seeing higher highs and lows, which seems bullish until you remember that a typical bear flag forms against the trend, and trends sideways to up. Both SPX and NDX have been doing that under their respective 50 hour MAs and until the break back up over those my working assumption is that we have been watching bear flags forming.There is a decent chance that we will see a break either way today from this consolidation. SPX 60min chart: