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.

Retesting the 1879 Low

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Well the 1879 SPX target really delivered hard yesterday with a impressive 56 handle rally off 1878.93 yesterday. I did mention on twitter though that in the absence of an obvious reversal pattern that there was a significant risk that the low might well be retested, and that there was no obvious reversal pattern. It seems very likely that the 1879 is going to be retested this morning. If that low holds then that sets up a possible double bottom with a target in the 1990 area on a break back over yesterday’s high. If that low breaks hard then Stan’s next level is in the 1852 area, and a really hard break below 1879 opens up a possible retest of the October low at 1820. This is angry tape and needs to be traded with caution and respect. SPX 60min chart:

160115 SPX 60min Falling Wedge Broken Up

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Good God

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Well, ummm, yeah, this is our year. My 55 shorts are all smiling. However, yesterday I (foolishly) thought I’d dip my toe into the gee-energy-is-oversold waters and went long some times from the devastated commodities sector. I just woke up, and I am kind of feeling that regret in a big way. My original tactic to “not be long, but just be less short when necessary” was obviously the smart way to go. It’s unfortunate I strayed from that. What’s happening in 2016 is eye-popping, even for someone as bearish as yours truly.

0114-whoops