The real price of gold, as adjusted by commodities is making some nice baby steps toward rebounding. Here is a picture of the gold ETF vs. certain key commodity ETF’s and markets, that show the progress of what would be the most desirable condition (a rising real price) for a healthy gold bull.
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’s Today’s Swing-Trading Watch-List:
Long J.P. Morgan Chase (JPM)
I’ve been a customer with Bank of America for decades, and even though I’m content with the brokers I already use, I decided to take advantage of their $600 bonus offer for their own firm, Merrill Lynch. The deal was that if you opened up a $200,000 account, and kept it there for 90 days, they’d give you $600. Free money – not bad – and I liked the convenience of being able to easily move funds to and from my checking account seamlessly. So I signed up.
Well, that was just one week ago, and I have un-signed up, transferring all my funds back. I’m willing to learn a new web site; I’m willing to deal with some imperfections; but one thing I can’t abide is products or services that are so littered with flaws as to render them almost unusable. (Long-time readers know that I have endless affection for well-polished products, such as those from Tesla or Dropcam, whereas I have little patience for their opposites). (more…)
SPX punched over the weekly upper band again on Friday for the second punch above the band in the last three weeks,. I don’t want to overemphasize this as a topping signal, but it goes without saying that these punches tend to happen when SPX is looking rather overbought, and on the four previous examples that I have marked on the chart below from the 2011 low, none rose significantly further before a consolidation or retracement period lasting four weeks or more. This would not generally be a place to look for a strong push upwards.
In terms of the primary rising channel, the high on Friday at 1963.91 was just short of my 1965 wedge targets, and was a test of primary rising channel resistance. I had a look at this using the thinnest possible trendlines over the weekend and there is very little play left in the trendline. Even a move to 1970 now would risk breaking it. SPX weekly chart: (more…)