As we approach September 15, Shemitah talk is going to heat up (particularly if things start falling to pieces). You might enjoy this video; I got a particular kick out of it, since Stockhouse (founded by the chap featured below) was one of Prophet’s suitors back in 2004 when I was in the throes of selling my company. Of course, since 2015 is supposed to be a really big deal (7 times 7), my son asked me what huge event happened 49 years ago, which was the last “Jubilee”, in 1966. Ummmmmmm………not much. So maybe this is just another crock!
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.
Gartman Goes Full Weasel
(UPDATE: I wrote this post during Labor Day, the holiday; more proof of Gartman’s power can be seen here, which happened after I wrote the post, when Gartman went strongly bearish; all the markets, of course, exploded higher immediately thereafter. It was a heartbreaker to see his bearishness in the wee hours this morning; I knew what would happen next.)
Many have made much chatter (and a fair bit of profit) about the powerful contra-indicative force Gartman’s words have vis a vis whatever market he happens to be examining. I’ve written about it myself in places like here and here, and of course ZH has had an abundance of articles and tweets that effectively provide, free of charge, one of the most powerful trading indicators man has yet devised.
Not that it really matters, but this happens to be the 16,000th post (you read that right – sixteen thousandth) on this blog platform. That doesn’t mean it is the 16,000th one on Slope, because this platform only holds the posts going back to February 27, 2008, nearly three years after Slope began! So it’s been a long road.
The road seemed especially long today, given the explosive rally (against my gazillion shorts). I definitely retreated to some degree, but I certainly am still in the game. I went from about 175% margined to about 130%. This soldier is somewhat wounded.
Swing Trading Watch-List: MDRX, WETF, DG, BBY, SKX
Here’s today’s swing-trading watch-list:
Short Allscripts (MDRX)
Testing Triangle Resistance
The very obvious read on the SPX moves over the last few days is that a bear pennant is forming. These are triangles that act as a kind of bear flag. These generally break down, hence the name, and this one should very much break down too.
If this big gap up this morning is to test triangle resistance then that is in the 1968 area, but we may well not see anything over the overnight high in the 1964 SPX area (1961 on ES globex), as that was a hit of declining resistance on ES from the highs. If both those levels are broken that wouldn’t be that unusual, as triangle trendlines tend not to hold well, but if it is reversing soon then SPX should not go over the last high at 1975.01. SPX 15min chart: