Here’s today’s swing-trading watch-list:
Short Applied Materials (AMAT)
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.
In Poor Health
In spite of the silly, and ultimately futile, counter-trend rally we’ve seen for over a week now, there are two sectors are are steadfastly weak, and they’re both related to healthcare. Below are XLV (the healthcare ETF) and IBB (a money-maker for me recently, the biotech ETF).
Looking Down?
It’s unfortunate that my post is late today. I was working late on theartofchart.net chart deliveries and overslept. I’ll post the 15min charts that I did on SPX, NDX and RUT, and what I was wondering as I did these was whether the rally had just ended on SPX with that FOMC spike that failed. The key support areas I am watching today are the 50 hour MA at 1884 and the ES weekly pivot at 1868 (approx 1875 SPX). If bears can break these and convert them to resistance then we may well be on the way back to test the low at 1812 SPX. SPX 15min chart:
A Break in Logic
Comment-cleaner time, and something to get off my chest……..
The “logic” of the market these days seems to be along these lines:
- If the price of crude oil is going up………..
- Then that must mean demand is strengthening………..
- Which implies that the economy as a whole is strengthening…………
- Which means that companies will have more earnings………..
- Which will lead to higher stock prices, so I better buy stocks RIGHT NOW
Ahem. Folks: the reason crude oil is going up is because there’s chatter from producing countries about artificially holding down the supply. That’s it. End of story.
So my request of the people of earth is: please stop being morons.
Thank you.
P.S. I came into the day really short and have only been aggressively adding to my shorts.
Crude Follow-Through
I was a little embarrassed yesterday after doing my Crude Breakout post, because oil seemed to back away almost the moment I published it. However, it seems my hunch was correct, because we’re getting some follow-through this morning. The opportunity for crude to hack its way back to about $36-$37 seems more plausible than ever.
