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Long Ashland (ASH)
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.
Bread
NOTE: I posted this about half an hour before the opening bell, but I “un-published” it since Jack and I bumped heads. Anyway, for what it’s worth………..
Well, I suppose if you read my post last night, it was pretty clear the market was ready to turn lower. When I reach points of existential despair, that beats any exponential moving average, bollinger band, trendline, or even Gartman.
I want to make clear right now, at 6:06 in the morning, that this drop won’t mean dick unless it sticks. Hey, that has a nice ring to it………..Johnny Cochran style.
A Moment of Truth
I haven’t reposted the bonus charts I do every morning at theartofchart.net for a while and I’m keen to get this post out before the RTH open today so I’m posting them below. The charts are the ES, NQ, TF, DX, GC, CL & ZB charts. The NG & SB charts get added once a week but that’s on Mondays. On to the markets.
Yesterday afternoon we saw the full retest (and marginal new high) of 2103 that I was talking about on Wednesday morning and the ES 60min buy signal that I mentioned yesterday morning has now made the possible near miss target. There are now very nice looking nested double top setups on ES and NQ, though not on TF which has overshot the target area. What happens now? We shall see. NFP is about to be released as I write and the setup says down, but there’s only ever one way to find out for sure. If we see an RTH break over 2111 that would open up a possible retest of the all time high at 2134, so in the event that is broken the short setup here would look much less attractive.
Pending Coup
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.
