No one but me would be bold and insane enough to suggest fading this mega-rally, but that’s how I roll. I’m not shorting crude oil per se, but I’ll be looking hard at the energy sector:
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.
Dead Cat Bounce Targets
Half-term has started here and I was out with my daughter this morning so I’m running a bit late. I’m just going to show the futures charts this morning as I think they are telling the story best. These are the ES, NQ and TF bonus charts that I posted at theartofchart.net this morning.
On ES an IHS has broken up with a target in the 1870 area. That’s a match with the 61.8% fib retrace target at 1871 and a possible match with a currently theoretical falling channel resistance trendline, but that wouldn’t be in range until at least Sunday night without a break over the 1871 61.8% fib target and the last short term high at 1874. ES Mar 60min chart:
The Golden Channel
During yesterday’s amazing rush-up on gold (making Q1 2016 the best quarter for gold in thirty YEARS, and we’re not even halfway into the quarter yet!) I did a post stating I was shorting the miners into the strength (in dollar terms. Heh.) To be specific, I am short GDX (big), RGLD (small), and SLW (small). Judging from pre-market action, that looks like a good move.
To be clear, however, just as I think a bear market in equities started last year, I believe a bull market in gold has begun as of just a couple of months ago. We’ve escaped the channel, and once we get a little selling, I think we’re in for a push higher.
Here’s the Target for USD/JPY
Which is terribly important, since that’ll probably mark a level of support for equities:
