SPX moved away from the daily lower band on Friday and the rally I was looking at is on. The obvious targets on the daily chart are the 200 DMA at 1906 and the daily middle band at 1940. SPX daily chart:
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 Fade
Yesterday (Sunday), the ES and NQ rocketed higher. I was curious as to why, and some folks emailed me about an “exciting announcement” IBM had planned for this morning. In addition, Japan was rumored to be considering – – I wonder what?? – – more stimulus! Because God knows, the only thing Japan needs to make its economy boom again is to print more Yen. Couldn’t be be simpler. Thus, I went to bed with the ES up double digits.
As I opened my iPad this morning, I was bracing myself to see what the latest was……….but the number was now red. It seems that the world is starting to roll its eyes at the perpetual stimulus, and IBM’s exciting announcement was that its earnings sucked whale, and now the stock is pooing all over itself. (more…)
