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 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:
Good Lord, China and Greece – – you just can’t let traders catch any rest, can you?
The list of headlines over this weekend has been worthy of an entire book.
+ Varoufakis resigns (!) in spite of a landslide “No” vote
+ The Chinese government’s unprecedented attempts to shore up their crumbling stock market (including, at the core, directly buying up tens of billions of equities itself) initially causes a massive up-gap across the board, only to be met with so much selling that, broadly speaking, most stocks simply sold off more (I think this is exactly what our own “dip-buyers” here are going to experience, more often than not, for years to come)
+ The energy complex resumes the bear market that it stopped in mid-March (my USO and RSX shorts are particularly pleased) due to what looks like an Iran deal going through soon