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.

The Long Kiss Goodnight

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Well that was an unusual day yesterday, with the tape buffeted on and off all day by news. Statistically July 1st is the most consistently bullish day of the year, but the bears dominated the day, but without managing to negate the double bottom setup and conceding a strong close to the bulls.

The constant news bombs reminded me powerfully of 2011 when the news was also mostly about the same mess in Greece of course. If an agreement can be put together this time as well to keep the Greeks in the Euro for the moment, then perhaps we can look forward to the same again in two or three years. Who can say?

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The Greek Gap

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Good morning, everyone. The jobs report just rolled off the presses, and it’s a fairly blase “meh” report, which is pumping up index futures since the notion of an interest rate hike this year becomes more giggle-worthy. As we await the opening bell, I wanted to briefly share one mildly interesting chart, which is one of those “one that got away” type situations. It’s the Greek ETF:

0702-GREK

See that gap-fill from yesterday? Well that’s the level which, on Tuesday, I marked as the “I sure hope it rallies to here some day so I can short it” point. I wasn’t really watching it, but little did I know it would rally there almost instantly, beautifully filled the gap, before plummeting beneath all that overhead supply (tinted in green).

Shrug. No big deal. It’s not like I would have shorted all that much anyway. Suffice it to say that the Greek stock market looks dead for the foreseeable future (which, these days, is probably the next 17 minutes or so).