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.
This is the opening segment from the May 15 edition of Notes From the Rabbit Hole, NFTRH 395. I am releasing it for public viewing because it seems, the title’s question has come roaring to the forefront this week. So the information (including the charts) is slightly dated, but becoming intensely relevant as of now.
We anticipated an ‘inflation trade’ or Anti-USD asset market bounce and this has been going on since mid-February. That was when silver wrestled leadership from the first mover, gold (which bottomed in December and turned up in January), and a whole host of other global asset markets began to rise persistently.
I was amused yesterday evening to read about the implosion at Theranos, which is located right here in my beloved Palo Alto. Elizabeth Holmes has been the darling of the business press for years, what with her flowing blonde hair, big blue eyes, and slender neck peeking out of the Steve Jobsian black top. Like Holden Caulfield, I have no fondness for “phonies”, and she seemed like one to me.
The thing is, the phenomenon of attractive women leading high-tech companies is a relatively recent one. On the surface, we as a society will pat each other on the back about how progressive we are, now that we have unvarnished gender equality, even at the highest echelons of corporate power. But let me just spoil your little party and tell you something. The reason men gawk at photos like this……….
Here’s your swing-trading watch-list:
Short Air Products & Chemicals (APD)
Yesterday went broadly as expected. The 60min buy signals I was looking at on ES, NQ and TF did deliver the decent rally I was wondering about.The HOD was a shade under the 50 hour MA resistance at 2063 that I mentioned as first strong resistance, and SPX then returned to a new retracement low and the first break below the H&S neckline, though that wasn’t sustained into the close. So what now?
Well obviously the bears need to follow through into the sustained break below the H&S neckline that would fix the H&S target at 1965 SPX as a high probability target, but leaving that aside, if this H&S is going to play out, then it will most likely play out as a lower band ride on SPX. The daily lower band was tested at the low yesterday, and that lower band ride may therefore have already started. The daily lower band is at 2036 SPX today and if so, that should at least be hit, though what I’d really like to see today is a strong move down to start the real move down towards the SPX H&S target at 1965.