Here is your perpetually cheerful host a few minutes ago, next to his chocolate brother in the middle of Berlin. Go Bears!
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.
Not-For-Profit
I have been snarking about “for-profit” education companies here on Slope for years. Simply stated, I think they are a cynical, heartless industry, since they prey on the ignorant. The poor folks watching those ridiculous ads on television, thinking that by going to ITT “Institute” or the “University” of Phoenix, they can change their life for the better – – -it’s just sad. It’s even more evil since they fund the tuition of these poor bastards by means of you, the taxpayer, since they take out enormous student loans that in most cases are never paid back. Thus, it’s awfully nice to see some divine justice being meted out……….to wit:
Monday Bounce (by Faces In Cabs)
There was a quick 2nd tap down to Friday lows on many charts Monday morning, however the market bounced from there and rose into the close. Market index futures were front running their respective indices all day, and then suddenly took a dump minutes from the close. The NQ dropped 10 to 15 points, and the YM dropped 30 by the close. Overall, not enough progress was made to erase last week’s shock event from the charts, HOWEVER the bounce stopped market bleeding and appeared to temporarily stabilize price.
Market Notes
- Market firmed after bounce off Friday lows
- First price stabilization after shock event
- Upward trend has NOT changed
- Continued market pull back is possible
- Volatility compressed Monday but remains elevated
- Monday was a low volume up day (no accumulation))
Leaning Long
SPX broke back above the daily lower band yesterday and delivered a 27 point bounce from the lows, before giving much of that back overnight. There are arguments both ways for direction today. The arguments for the short side are that the 60min RSI 14 reached 50, which is a natural reversal level and the obvious level to reverse at to deliver positive RSI divergence at a retest of the lows. The falling channel on RUT also argues for a test of the lows next. I have two bull/bear levels that I’ll be watching today carefully in regular trading hours (RTH) and those are the 1925 ES level (1930 SPX area) at the ES 50 hour MA, and the SPX daily lower band at 1934. (more…)
