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.

It’s All About Crude

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I remain delightfully short, and deep into margin territory, so it’s a terrific day so far. I am particularly intrigued by crude oil, which I think is going to hack its way into the mid-40s before long. A lot of people think that Apple is the market. I disagree. I think crude oil is the market. Because ask yourself this question: given the choice between (a) a rich gay man who wants to sell you a $10,000 gold watch that dies after 3 hours of battery life or (b) the most important commodity on the planet……….which would you choose? Me? I’m going with (b).

0310-crude

Bad Bull Fail Overnight

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I had a great looking setup in play last night, and I did the chart and saved it with some confidence that we would see an extension of the rally into the 2090 area today, and then fail into the H&S target at 2054/5. That setup was supported by an IHS that broke up yesterday morning, and clear declining resistance from the highs at the IHS target. That chart is below. SPX 15min chart:

150309-C SPX 15min Rally Scenario

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That ES Pattern

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Well, what a nice morning to wake up to – – a wall of red and assets falling all around. Huzzah! Those who watched me on Tastytrade yesterday may remember I specifically pointed out the topping pattern on the ES. This has worked out great, although the measured moved is only a few points south of here, so I may close up my big DIA short just to be done with it (but keep everything else).

0310-es

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