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.
Choppy trading session as neither the bulls nor the bears are holding on to any king trading edge here.
This is in large part due to the suspense that the Brexit vote has the market in. Odds seem to point at them staying, however polls today show the “leave” vote evening up the score.
Where do I think it will ultimately go? I think they will remain, simply because the centralized power hates any thought of decentralization (just ask the Fed) and the people’s vote to leave the European Union may be what happens, but ultimately, the powers that be will force them to stay. Politicians never give up power.
As for the watch-list below. The bears could become relevant at any moment here. I am 20% long, 10% short on this market. Personally, I’d like to see a legitimate sell-off that takes price below some key support levels. I think it is the easiest path to profits at this point. The shorts I’ve listed have a number of setups that aren’t quite ready yet, but are hovering just above key support levels with double tops and head and shoulders patterns, and the like.
This is actually kind of comic. Anyway, a bit of background…..
A good friend of mine is a senior executive at SolarCity. A couple of months ago, he asked me what his prospects were with respect to making money on his sizeable options grant. I asked them the strike price, and it was something like $75.
I kind of winced, because the stock had been beaten down into the 20s. I looked at the graph anyway, and I told him (with a reminder that I’m a permabear) that the chances of making money were slim to none, and Slim left town already. So he wasn’t happy to hear that, and every time he saw me, he’d tell me (in a friendly way) how I was wrong.
My apologies for the late post, I had a busy morning and I’m not really in the mood today. So far it seems that SPX is feeling the same way, though it is likely compressing for a move to break up or down either today or overnight.
Bulls didn’t follow through on the very impressive opening gap up yesterday morning and lost potential support at the daily middle band, now at 2092, before the close, so there has been no daily closing break back above very important resistance at the daily middle band. With the current HOD at 2091, that resistance hasn’t even been significantly threatened so far today.
Back on May 8th, I did a video of short ideas, the first of which was Fiesta Restaurant Group, which at the time was about $33. It has lost about one-third of its value since then, but I’m holding on. I think it’s got a lot farther to go (but I’ve obviously tightened my stop up).