When it comes to George Carlin, I’m starting to feel like a Talmudic scholar – – the more I listen to him, the deeper the meaning that is revealed. Anyway, I was listening to this portion of his 2005 show (the entirety of which is genius, and this is only a segment):
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.
Well, I need never fear my local tax dollars aren’t being well-spent. The city of Palo Alto paid for a sign to assure the (surely overpaid) assistant principal had his/her own parking spot. Well, they couldn’t manage to spell “assistant” properly, so they hastily paid for a replacement sign that reserved the spot for “A.P.” (I suppose they didn’t want to risk misspelling it again, and initials are usually pretty safe). Not to rest on their laurels, they paid for yet another sign to replace it the next day. Never have I seen government move so swiftly! Perhaps to hide what buffoons they are. Embarrassment is a powerful motivator, it seems.
Here’s today’s swing-trading watch-list:
Short 3M (MMM)
Yesterday the ESM15 market closed down again. The ESM15 DAILY chart below shows the support and resistance levels discussed in the LONG and SHORT sections below.
As you can see there is more room to go up than down, before reaching DAILY levels that will offer some meaningful opposition to a continued advance. This means that in theory the path is clear to go up, and combined with the fact that today is (at the moment of writing) the third day down in a row, a bounce is becoming more and more possible as we will see in the TO GO LONG section below.
TO GO LONG
SPX broke back below the 5 DMA yesterday and that break triggers the second setup in the last two weeks that requires a lower low before a higher high. I’ve looked back as far as 2007 without finding an exception to this rule. If SPX is in a triangle here, and the possible triangle is still holding, then that may deliver an exception to this rule. SPX daily 5 DMA: