Well, my long weekend in Milwaukee is over, and I’m heading home. I’ve never been to Wisconsin in my life. It’s nice to see a place that (a) actually has real weather (b) doesn’t charge you an arm and a leg for everything. Looking at the real estate ads, it’s just bizarre seeing places being sold for less than they even cost to build. Comparisons to Palo Alto become preposterous. One could buy up an entire neighborhood block of houses for what it costs to get a nice house in my ridiculous burgh.
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.
Here’s today’s swing-trading watch-list:
Short 3M (MMM)
Iconix Group (symbol ICON) is a stock I mentioned so many times as a short idea, I stopped even saying anything since it got so repetitive. Today is finally went into a full-blown free-fall, as the clean topping pattern so plainly suggested. I can only hope the dozens of other fantastic short setups succumb to reality just like ICON did today:
SPX fell hard on Friday, made the smaller double top target and broke down from the larger double top. Shortly after the LOD SPX broke up from a falling wedge that I called on twitter, and closed the day at a retest of broken larger double bottom support. The retracement low may be in, and if we are to see a fail without another test of triangle resistance in the 2011 area then I’ll be looking for resistance at the 50% and 61.8% retracements on the falling wedge, in the 2092 and 2096.5 areas respectively. The 50 hour MA closed Friday at 2096 and is key resistance today. SPX 15min chart: