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.
Lumber and the Homebuilders ETF (XHB) traded, essentially, in the same directions from mid-2010 until October 2014 — when Lumber suddenly took a nosedive down to major support at 240, while XHB broke out and rallied — as shown on the following 5-Year Daily comparison chart.
At the moment, it looks as though that support level will be retested, once more. A drop and hold below 240 could very well be the catalyst that breaks XHB’s slightly-sloping (tight) uptrend. And, a drop and hold below 220 could see a very quick, sizable plunge in XHB…possibly slicing through 34.00 down to retest major support around 28.00, or lower.
I’m very pleased to let everyone know that SocialTrade is its own website now. For those of you unacquainted with SocialTrade, think of it as a reddit for charts. People post charts (and other stuff) of interest to traders in there on a daily basis, and there is an ever-growing, well-organized database of these visual morsels at your disposal.
SocialTrade has been a longstanding feature on Slope, and Slopers have stacked tens of thousands of interesting charts, articles, and other curiosities into the database.
I’ve seriously never seen this happen before (and the Elliott Wave joke is one for the ages………)
Here’s today’s swing-trading watch-list:
Long PulteGroup (PHM)