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.
Market Vectors Russia ETF (RSX) is following through on its downside path. However, so far, it hasn’t yet broken its June low of 17.62, so the potential for a move back to 19.03-19.55 in wave c of (ii) remains, which would have me looking to add to the short.
If 17.62 is broken, it appears likely that such move would find support in 17.08-17.27 range, to be followed by wave ii of (iii) up.
Whether through a high bounce or not, I think the odds are good that RSX will complete its downward pattern before expiration.
The Greek referendum was a clear vote against further austerity and we should see this week whether the ECB bluff that the Greeks have called is in fact a bluff. I suspect it isn’t and that a grexit is now the most likely outcome. If so then I think that’s great news for the Greeks, who can finally default and start rebuilding. It’s a rare country that still has a shrinking economy a couple of years after default. If that’s the way it goes then it would nice for that to be quick, as the constant headlines have become a serious bore.
SPX hasn’t been generous with trendlines since the last high. I do now have a three touch resistance trendline established on Thursday and I’ll be watching to see whether that survives the day. As long as it survives my lean is bearish. SPX 15min chart: