Here’s today’s swing-trading watch-list:
Long Bristol Myers Squibb (BMY)
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.
Bonds Ready to Sink?
Bonds have been in a virtually uninterrupted uptrend since New Year’s Eve on 2013. Looking at interest rates, I wonder to myself if we have turned the corner and are heading into higher rates….
Food for Thought
Just a very quick post today as my morning has been hijacked by traffic jams and an ill son, though he’s not seriously ill.
I posted a chart on twitter last night showing that the rising wedge that I posted yesterday morning had evolved over the day’s bullish break into a rising channel, and that the pattern formed from the morning low yesterday was a rising wedge, that is now, just after the open, breaking down.
The Euroblown
I was intrigued to look at this Slope post from nearly five years ago which stated:
Let’s notice that a downside violation of 1.2330 completes a massive 4-year top pattern that could “unhinge” the EUR altogether and send it into a vertical tailspin towards 1.1640/50 on the way to parity with the USD — a move that certainly will get the attention of the ECB and the Fed, which vowed to defend the integrity of the EC last weekend.
It may have seemed nuts at the time, but with this enormous symmetric triangle that has been broken (and the Euro plunging anew this morning), we could well be at parity this year!
Possible Bounce in Store for Euro
Further to my recent posts here and here, the EUR/USD Forex pair has reached a potential (double Fibonacci) support level between 1.1205 and 1.13, as shown on the following Weekly chart. A possible bounce is in store for the Euro.
Failure to begin stabilizing at this level and reclaim the major resistance level between 1.19 and 1.2125 (seen pre- and post-2007/08 financial crisis) could send the Euro plunging down to the 2000 lows of 0.8227. I can’t imgine that’s what Mr. Draghi has in mind with his ECB QE policy announcment earlier today…although stranger things have happened.
