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.

One More Heave

By -

I said to somebody last week that topping processes would often last until you were completely bored with them, and then they’d run on a bit longer, and this topping process has been a good case in point.

I was saying on Friday that the ideal high would be just a little higher and that was very much on my mind as SPX was retracing a bit on Friday and retracing further on ES overnight. Stan was looking for a backtest to broken resistance in the 2056-8 area, and I’d been thinking we’d see that in trading hours but we saw that last night instead. That support held, the sell signals on the ES, NQ and TF charts all made target or very close (TF), and 60min buy signals fixed on both ES and NQ, which is why I was talking about a likely run to a marginal new high on twitter before the open.

(more…)

Midnight Cowboy

By -

It’s a good thing I didn’t look at my iPad in the middle of the night, because I would have flipped out. When I went to bed, the ES was down 16 points. At one point during the night session, crude oil and the ES has almost entirely erased their post-Doha losses.

I couldn’t believe the action overnight. When I first saw it, I had to assume that the Doha participants had sent out a press release saying it was all a big misunderstanding, and they, in fact, had a signed deal. But…………no. There was no reason (except, probably, for central bank frantic buying of every asset in sight) for the bounce. Just……………..bizarre.

As you can see, oil almost completely healed its wounds from Qatar.

0418-crude

(more…)

USD/CAD Forex Pair Overdue for a Bounce

By -

The USD/CAD Forex pair is well overdue for a bounce at the median of a long-term regression channel and the 40% Fibonacci retracement level, as shown on the Monthly chart below.

The Canadian dollar is price-sensitive to the price of WTIC Oil, so I’d keep a close eye on its action following the inaction of the participating countries to lower oil supply at this weekend’s Doha meeting…Oil is -2.21 at 39.50 as I write this post on Sunday evening.

P.S. I’d also keep a close watch on the banks and DB.

Life in a Minor Key

By -

Preface: I’m quite aware what happened with Doha; I’ve been following it every second; but I thought we’d all just take a break from market talk until Monday’s regular open.

It’s obvious that music is a big part of the lives of Slopers, as it is one of the most frequently-shared and discussed items in the comments section. There is no shortage of posts specifically about music, and I thought I’d add another.

When I was in high school and college, a question I’d invariably ask a person I just met was what kind of music they liked. It was, for me, somewhat of a litmus test, just as effective as glancing at the contents of their bookshelves. The worst answer was along the lines of, “I like anything, as long as it’s got a good beat and I can dance to it.” Such an answer assured me I would never want to talk to this person again.

(more…)