Here’s your swing-trading watch-list:
Long CF Industries (CF)
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.
Engine Trouble
I was saying yesterday that SPX was in an inflection point and the direction of the resolution was important, and the bears then immediately dropped the ball at the open to allow the cycle trend day to deliver a strong trend up day. This has brought SPX up to another inflection area in the 2040-50 range that was range support February through July last year, and that is being tested hard this morning. If bulls break through it that opens up the IHS target in the 2082 area and a possible retest of the all time high at 2134.
The Latest Air Horn
Good News and Bad News
First of all, if I haven’t stated it before, I would like to reaffirm my pledge never to use a subject post incorporating the completely hackneyed phrase, “the good, the bad, and the ugly.” It wasn’t funny the first time I read it, and it certainly wasn’t any funnier the 3,893th time I saw it used. So……….not to worry.
I did, however, want to share some charts that, on the one hand, suggest the bears (who have suffered horribly over the past five weeks) may be in for more pain, and other charts which suggest that the bulls are about to get what they deserve. Let’s start with the “bad” ones first:
The 13% rally we’ve seen since February 11th has been – – how shall I put this? – – horrible. Here’s the ES, which has teased bears here and there with dips, which are shallower and shallower:
Dangling from the Tree
I’m going to do a longer post later, but I wanted to mention Apple. On a day in which markets vomited up to the highest levels of the entire year, Apple actually managed to lose some value. I think this is quite telling since, as I’ve said repeatedly here in the hallowed hallways of Slope, Apple is a company whose best days are behind it. If this #*(#$)(*)(#* market ever starts weakening again, I suspect our friends in Cupertino will be one of the first to help lead us down.
