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.

Step Aside 1987 Crash and Lehman Brothers

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That was an amazing day yesterday, and the close near the (SPX) lows delivered a second straight daily close well under the 3SD daily lower band, a feat not equalled in the 1987 crash, the 1994 bonds crash, the 1997 Asian Crisis, the 1998 Russian Crisis and collapse of LCTM, the 2000 Tech Crash or the Lehman Brothers in 2008. Why? Not sure yet though Shanghai falling to a level last seen six months ago doesn’t seem like a great reason.

Hat tip to my option trader friend Yousuf Hamid here for his prediction to me at the weekend that the next move would be a hard and fast fall to 1820. Nice call mate.

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Retracement Levels Weighs In

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Friend-of-Slope and long-time contributor 2sweeties (who created Retracement Levels) wrote me this morning stating, in part, “Attached, ES 1949 should be the limit DAILY for this bounce, 1996 is next but far, plus it’s beyond 100% odds, so maybe somewhere in between 1949 and 1996 is where this bounce will stop and roll down again.”

He was kind enough to include this from his site:

0825-nico

The Raging Fire Within

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I’ve been trading the stock market for nearly thirty years, virtually non-stop. Today (that is, Monday, August 24) easily ranks in the top five strangest, craziest days in the thousands upon thousands of trading days I’ve ever witnessed. I felt like I was entering a cage of gorillas that had just ingested a large quantity of PCP. It felt dangerous and really, really unpredictable.

As I mentioned on my lengthy Saturday post:

I expect (and, again, hope – – because, God forgive me, I’m actually long five ETFs in size right now) we get a meaningful relief rally, carrying us up to the psychologically-important 17,000 level. At that point, please don’t be anywhere between me and my keyboard, because I am going to be shorting anything with a ticker symbol in size.

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Potential Pullback Targets (by MoneyMiser21)

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Where do we go from here?

If the long forecasted sell-off has finally arrived, where does the chart tell us we go from here?

First a note of caution. While the /es broke beneath its prior support 1961.50 (Week of December 15, 2014), it has not closed a weekly candle beneath it yet. A close beneath would be a stronger price action clue. Also, it would be stronger for the bears if we would rally back up to re-test that 1961.50, then fail to hold trade at or above it.

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