For the 137th time in the past seven months, people are running around buying oil, thinking it has bottomed. Good luck with that. Be wary; here’s the intraday chart, with an important failure point that took place in the wee hours of the morning:
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.
A Favorite Song from College Days
Seriously Whippy
A surprisingly bearish day on Friday and I’ve been reading a lot of bearish commentary over the weekend. I’m not convinced, even though the close on Friday was certainly weak. The main points I took away from Friday’s close were as follow:
– The high to low during the day was almost exactly a 38.2% fib retrace of the move up from 1992
– The close was one point below the daily middle band
– The close was on the 50 day MA
– The close was three points above the 50 hour MA
– The close was fifteen points above the 5 day MA