I decided to look at some very long-term index charts today, and all I’ve got to say is this: anyone buying equities right now is out of their freaking mind. It’s as simple as that. Our friends in Gainesville have been so battered the past six years, even they are firmly clasping their hat in their hands, saying we might be set for lifetime highs. Not me. Stick a fork in this rally. It’s done.
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.
After breaking out, EBAY pulled back to the 61-handle support area, allowing us to unwind the puts entered into at resistance in our model portfolio. This was just in time, as EBAY reversed to push to new highs, despite a week tape. At this point, it is likely that wave (iii) of circle-iii will reach at least the 1.618 extension of wave (i) at 65.00 (red fibs). I will consider reducing risk at that time. Conversely, further pullbacks to 61 handle will have me consider adding to the long side of the trade.
By Xenia Taoubina, ElliottWaveTrader.net
I’ve been inundated with terrific pictures of SlopeFest (particularly from Felicia – thank you!) so wanted to share a few more. I’m sorry not to label these with names of real people, but I have three reasons for not doing so: (a) I’m being lazy and don’t want to bother (b) I am terrible with names and could only successfully label a few folks (c) I’d like to respect their identities to some degree. Of course, there are some people that are kind of obvious (like, say, Dutch). Here ya go!
Originally published on TheTechTrader.com
Here’s today’s swing-trading watch-list:
Short Microsoft (MSFT)