Here’s today’s swing-trading watch-list:
Long Tesla Motors (TSLA)
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 Badgers are Grumbling
Yesterday morning’s triangle failed 4 handles short of target, and what I had predicted would happen after the triangle thrust ended played out fast on SPX, with Monday’s low being broken mid-afternoon. So what now?
There is a mixed picture here with decent cases both for a move to the 2110-6 SPX area to finish the move up that ended abruptly yesterday, and if bulls can recover back over the 50 hour MA at 2089 then that is still on the table. If that level is now resistance then the top priority for bears is to break below the daily middle band at 2077 on a daily close basis, which would open up targets further down. SPX 60min chart:
Initial Mario Reaction
For understandable reasons, I woke up this morning even more anxious than usual, thanks to Mario Dragqueen and the threat of more “extraordinarily easing” measures. As I’m typing this, the market tumult is still in full swing, but the initial reaction on the EUR/USD wasn’t exactly what people were expecting:
In other words, this is one of the greatest examples of “sell the news” of all time, as the Euro commenced its biggest rally in seven freakin’ years.
It isn’t clear right now who is going to win the day. ES and NQ initially tumbled, but at this moment, they are back to modest gains. With as many short positions as I’ve got, I remain haunted by the taunting sentiments of so many Slopers, which looks an awful lot like this:
We’ll see. I’m going to go walk a subset of my dogs in the chilly morning air. Good luck to everyone. Actually, I don’t mean that. Good luck to the bears. There. That’s better.
