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.
There was a time in Slope of Hope‘s rich cultural tapestry that illicit substances were rendered wholly unnecessary due to clips that like these. Listen and learn.
“if this guy owned a funeral parlor nobody would die!” – Gordon Gekko
A hurricane got me thinking about something that’s been kicking around in my head recently. Allow me to explain. As many of you know, ZeroHedge takes on a couple of different guises. When markets are falling, which happens from time to time, they focus on the markets and anticipate just how far they should fall (which invariably is much, much farther than they actually do fall). When markets are strong, like recently, ZeroHedge simply focuses on Any Kind Of Bad News, since the markets aren’t providing any.
This is still a working pattern and by no means is there any guarantees behind it.
But I spend a lot of time every day going through probably a thousand charts or so, and I spend a lot of time staring at the charts of the major indices. Well, today, this pattern leaped out at me on the daily chart…..
It is a massive head and shoulders pattern that could be forming!
Granted if we just blow through the highs of the year, this pattern means nothing, but if we start to see the selling pick up again and start to make a move back towards those August lows on SPX, then this pattern becomes very, very legitimate.
Now, based on on what we are seeing today and yesterday out of the market and the whole month of October, I’m not saying that we should all go sell our long positions. I’m still 30% long/70% cash right now (from 60% long this morning). I’m just saying watch this pattern and whether it develops further.
I can’t say with any certainty that it will happen, but it is definitely worth keeping an eye on.
Here’s the SPX Head and Shoulders Pattern: