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 am late putting up a post tonight, because I attended an absolutely amazing lecture by Jaron Lanier on the Stanford campus. I’ve known about Jaron’s work since I first got into computers 35 years ago, but I had never heard him speak. He’s a straight-up genius. It was just an amazing talk that touched on politics, the economy, and data privacy.
Anyway. Let’s look at a handful of charts.
First is $XOI, the oil and gas sector, which has been my dearest friend all year. The miniature head and shoulders pattern has performed great, and the lowest green horizontal is my target.
Why did Square go public? To make its venture investors richer. That’s why. As for the public, screw ’em. They can live with a stock that stays $12 forever. This is, quite seriously, what the chart looks like for almost its entire life as a public entity. Three words. Pa. The. Tic.
Here’s today’s swing-trading watch-list:
Long Owens Corning (OC)
One of my many shorts, and a personal favorite: Caterpillar:
Three trend days in a row last week. It’s been a while since we saw that. The turbulence may well continue. We were looking at it in Chart Chat last night and that is posted for all on the front page at theartofchart.net. Bottom line is that we are expecting a little higher this week, possibly a bit over 2104, and possibly bit under 2104 if a triangle is forming. After that we should see another move down.
SPX broke back over the 5dma on Friday so SPX is back on the 5dma Three Day Rule. A close below the 5dma either today or tomorrow make a retest of the 2042 low this week very likely, though it might be a slightly higher low is SPX is forming a triangle. We may well be forming a triangle here and I’ve drawn that, and the RSI mirror pattern, on the chart below. SPX daily chart: