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.
Back on June 4th, I suggested that the bloom would soon be off the Elon “the next Steve Jobs” Musk, and that would express itself in the diminishment of price for SCTY and TSLA. As I put it, “One would think the market is trading Elon Musk’s reputation instead of two utterly separate companies, considering how they look like clones.”
Well, TSLA moved higher after my post, but then ultimately headed lower (I’ve marked the post date with an arrow).
The 45 day pivot on ES is at 2010 today and in the 70-85 range above that so far today ES has been in Crazytown (70 handles above) and Bet The House (80 handles above). ES has been trading in these areas all week so, as I mentioned a week ago, SPX is very vulnerable to a sharp correction starting here, and the chances of starting another significant move up from this area are low. Not much to see on the short side here until we see some support trendlines break but the next likely significant move is highly likely to be down, so there’s not much to see on the long side here either, other than intraday.
When was the last time we spent several days trading at these kinds of extremes? Just before the October low. Just sayin’.
For those that are inclined to believe that the current Oil recovery has some more room to go, a quick LONG trade (buy the dips) on USO, the levels to trade LONG are those indicated, start your accumulation from 14.39:
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“In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.”
What did the Fed do yesterday? Why, they rolled over once again and held ZIRP. They also got mighty specific with some wording that freaked out precious metals players and put in a reversal, not only in the metals, but importantly, in their ratio. See yesterday’s post on the Silver-Gold ratio’s status… What Thing Looks Like the Other. A reversal in silver vs. gold would put the sector on a correction and also issue a warning to other global markets.
