Today was an odd combination of boring and annoying, but I managed to eke out a small profit by day’s end. The centerpiece of the lunacy early on was crude oil, which I was excitedly watching crumble last night. In the early morning hours, I glanced at my iPad, and I had a total WTF moment when I saw crude was rocketing higher based on the fact Saudi Arabia, which apparently has joined the rest of the world in believing descending markets should be forbidden, stated they would do everything in their power to reverse oil’s price slide (see arrow mark). Most of that gain unraveled not long after, but then crude gyrated aimlessly the entire day. Oil’s muddy water is even less clear now.
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.
I assume most of you have seen The Godfather Part II. In it, the character Hyman Roth (who is modeled after Meyer Lansky) tells MIchael Corleone, “We’re bigger than U.S. Steel” (which was actually a direct quote from Lansky regarding the mafia).
Well, times have changed. Take a look at US Steel, which today hit the lowest level of any data I can access:
The most amazing part of all? Amazon’s price rise today (to yet another lifetime high) was nearly five times the entire market cap of U.S. Steel. We live in interesting times, don’t we?
Here’s today’s swing-trading watch-list (let me know if you like the size/shape of these charts as I changed them around some):
Long General Motors (GM)
As a follow-up to this amazing story from last week……..(I’ve marked with an arrow where the guy got out with already “devastating” losses):
The rising wedge on SPX broke down on Friday afternoon and an RSI 14 sell signal fixed on the 15min chart, with an RSI 5 sell signal also fixing on the 60min chart. There is no obvious short term topping pattern yet, and we may see a higher high to form that, but a retracement looks close. If we see that retracement, then the obvious support levels are the daily middle band in the 2078 area, and the 50 hour MA in the 2061 area. SPX 60min chart: