I am excited and delighted by what’s happening with crude oil. As many of you know – particularly my Slope+ subscribers, for whom this has become an obsession – I’ve been very enamored of energy lately. One of the big appeals for me is that unlike so many equity stocks, energy and its related producer stocks seem to be one of the last “honest” markets to trade. It actually – gasp – reflects supply & demand as well as honest-to-God economic realities. It’s certainly refreshing, which is why a full third of my 81 short positions are directly related to energy.
Slope of Hope Blog Posts
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Well, my friends, I’m ducking out the moment the “market” closes today in order to have a meeting about a special project I’ve been working on for a number of months now. I promise to get a market-oriented post done when I get back in a few hours; thank you!
I’m not sure if people only discovered that hamburgers exist a couple of years ago, but here – – for all who want to be amazed – – is what fine culinary artist Jack in the Box has been doing recently – up over 400% in the past few years:
Here’s today’s swing-trading watch-list:
Long International Business Machines (IBM)
From this morning’s paper…….this pretty much sums it up:
I don’t have the pattern for the current move up yet. I have three rising wedge resistance trendline options, and a rising channel option but the pattern will only be crystallised on the next test of the main rising support trendline from the 1980.90 low. That may be tested at the open today, and if so SPX is in a rising wedge that has already overthrown and the uptrend is topping out at the moment.
If that trendline holds then it is rising at ten handles every trading day and this move up will need to accelerate from what we have been seeing so far this week to keep up. SPX 5min chart: