Well, the Tuesday afternoon numbers came out, and I guess the market likes what it sees. Crude oil is strengthening markedly:
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.
Broken Dealer
One of the less-watched indexes which is a favorite of mine is the Broker/Dealer index ($XBD in ProphetCharts). It can be a powerful harbinger of broad market moves. As you can see by the chart below, it is, as we professional technicians say, pooing all over itself, which probably explains why my portfolio has been doing better recently than in weeks past.
Chop Top
My Crazytown short trade from 2070 ES yesterday morning delivered nicely and ES broke below the weekly pivot at 2050.50 overnight. The key support levels on SPX this morning are the 50 hour MA at 2052, being tested at the open, and possible double top support at Friday’s low at 2043.98. If bears can convert the 50 hour MA at 2052 to resistance then that opens up lower targets. Today is a possible cycle trend day so it’s possible we could see a hard fail today from an AM high. SPX 60min chart:
Wisdom of the Orient
Good morning, all.
I have long prediction the USD/JPY would fall, and although it has taken a long time, it’s been making its way lower in grinding steps. This is pretty much the exactly opposite of what Japan’s limitless “easing” is doing, since it seems the market is sick to death of Kuroda and is reaching the conclusion that I reached a long time ago, which is that he’s a hapless, bureaucracy-bound imbecile.
