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While we’re on the subject of Mr. Bullard, the opening segment from this week’s NFTRH (#335) had a little fun with the Fed. Serious multi-market and economic analysis came later, but sometimes you just need to shake your head in awe and wonder.
The Fed is important because millions of market participants believe it is important and a critical mass of people are under the illusion that its policies have put the “Great Recession” in the past and laid a path for a sustainably good economy going forward. In short, confidence in the Fed has never been more pervasive as it reaps the reward (the respect and confidence of the majority) for a job well done.
I’ve always been fond of my surname, “Knight”. It’s easy-to-remember, easy-to-spell, and it’s got kind of a nice archaic ring to it. It certainly beats Tim Lipschitz or some other alternate. My older brother took the time to do some research of the family tree, and yesterday he sent me a deck of slides outlining the paternal history of the family.
It was an impressive work, since he was able to get it back as far as 1624 England. Evidently my 8th grandfather came to Jamestown early in the days of the colonies. So now I’ve got a chain of Knights going back nearly 400 years.
Hello to all Slopers, before we begin the analysis of the E-mini S&P500 today we want to make a brief re-cap of what was the situation in our last post 10 days ago. Basically we suggested to NOT GO SHORT, because the market was oversold, and we indicated the ~2040 price area as the most likely bottom, you can read it all in our previous post indicated above. The market massively bounced from there, hopefully you have followed our advice and avoided going SHORT at the bottom. Today we will look at the market and try to forecast with our models what is in store for the next 1-2 weeks.