If you’ve never listened to the Traveling Wilburys, check them out. I mean, good Lord, the talent is Bob Dylan, George Harrison, Jeff Lynne, Roy Orbison, and Tom Petty. Here’s a sample.
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 Tao of Steve
In the movie “The Tao of Steve” (2000), the lead character associates the name “Steve” with cool, charismatic men such as the actor Steve McQueen. Apple (AAPL) co-founder and CEO Steve Jobs was famously cool and charismatic, and when he passed away three years ago, investors wondered what impact that would have on the company. As we now know, Apple rocketed to new highs over the next few years. The company had a product pipleline in place, and a wide moat: the convenience of upgrading to a new iPhone, for example, and keeping all of your data and apps, was and still is a powerful inducement to remain an Apple customer. Reactions to Apple’s San Francisco product launch event on Wednesday, however, suggest that Apple may have finally ran out of the residual Steve Jobs cool factor.
In the last 2 NFTRH editions, we noted extremely over bearish market sentiment conditions in Rydex bull/bear fund allocations and in Small Speculators’ net short positions. These sentiment indicators have been reset to traditional correction-ending, even bear market-ending levels. That’s the reality.
The latter especially, has been a reliable contrary indicator. Basically, the Small Specs have never been right at important market turns. For instance, they were heavily net short in the late 1990’s but by the time the market topped in 2000, they had covered and become net long. They have reliably been a contrary indicator all along the current bull market as well, going net short at each correction bottom, post 2009.
Here’s today’s swing-trading watch-list:
Short Chipotle Mexican Grill (CMG)
Look no further than the front page of MarketWatch. This is just ridiculous:
The decline yesterday was a hard fail at the retest of the daily middle band on many indices, and the close yesterday, and the open today was significantly under the SPX 5 day MA. On my 5DMA three day rule stat we should now see a retest of the last low at 1911, and 95%+ a lower low there, before there is another test of yesterday’s high at 1988.63. I have found no exceptions to this rule since the start of 2007 from at least 40 instances so I’m expecting a retest of 1911 soon, very possibly today. SPX daily 5DMA chart: