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.
I can’t remember a time when I’ve been more out of love with charting and trading. As I stand here right now, what I want to do is go prepare a nice dinner for my family. I am wholly unaccustomed to actually not liking what I do for a living. I have lived my life striving to occupy myself only with gainful employment which I find exciting, interesting, and fulfilling. I pity those who work just to put food on the table but hate their jobs. But lately I’ve been getting a taste of that myself.
I don’t mean to burden you with my own psyche, but I’m not going to censor myself for my readers. For me, this market sucks. It’s as simple as that. There is always going to be a cadre of traders that smirks and says how ridiculous that is, and how they’re making money day in and day out. Well, good for you. It’s your market, then. And it’s been your market for quite some time. I don’t have much of a knack for the market we’re in right now, and it’s particularly soul-crushing when almost every day provides some kind of hope that things are going to turn around only to mysteriously launch to new lifetime highs.
A few observations today on the weekly chart of the VIX:
Here’s your swing-trading watch-list:
Long Builders FirstSource (BLDR)
SPX rallied yesterday towards a retest of the 2103.48 high as I was suggesting it would in my morning post. The rally was within a clear 70% bearish rising wedge, and that could go a bit higher still though a full retest of 2103.48 looks a bit ambitious. Rising wedge support was intact at the close last night. Once it breaks SPX should be in the short term topping process, and the downtrend should resume. SPX already did enough yesterday for this to qualify as the second high of a little double top. SPX 5min chart:
Well, the “big two events” of today are already complete, and the sun isn’t even up yet.
First off, OPEC has apparently amounted to a big fat nothing, which isn’t a huge surprised, since the nearly 70% explosion in crude oil prices since a few months ago have kind of calmed down the oil-producing nations. Thus, the oil market is selling off, since no deal or freeze is announced.