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.
Only the Lord knows where the markets will be once I wake up for the normal trading day, but tonight, it’s a mad, mad, mad, mad world. Kuroda pretty much disappointed everyone, in spite of throwing trillions and trillions more yen at buying ETFs (which, let me tell you, is insane), but as ZH put it:
“So to summarize, Kuroda left rates unchanged, left QE unchanged, implicitly raised doubts about the effectiveness of the world’s monetary policy machinations.. and increased the stock market ETF buying to make sure that the illusion of normality is maintained.”
At first, the ES and NQ fell sharply, and then they went green – – which made me want to throw my laptop through a window – – and then they went red again. I’m just going to let all this wash out at this point and stop watching. I guess I should at least be glad the ES isn’t up thirty points right now. The Stockholm Syndrome has completely taken effect.
Good Lord, this market sucks in so many ways. Here, let me show you something that looks like science fiction. This only happened a month ago, and it shows the ES plummeting 130 points in just a couple of trading days:
I guess there are limits to just how high a P/E people are willing to spend for a company. Last night’s pop has been fading most of the day.
I’ve got to tell you, I’m frustrated. You know how bearish I’ve been about crude oil. Day after day, this has been an incredibly consistent market. I would give my left nut for the S&P 500 chart to look anything like this……..the equivalent percentage drop in the Dow 30 would be about 4,100 points, just to give you some perspective. And that’s only since June 9th!
I’ve mentioned my fondness for the auto sector recently. Oddly for me, this is based more on something I read than something I saw in a chart, because about a month ago I read a very compelling piece about how the auto makers had gone completely over the top “stuffing” sales throughout the world, relying heavily on subprime loans to do so. It made intuitive sense to me that sales would eventually suffer, since they were basically pulling the same thing home builders were in 2004-2007. Anyway, it’s starting to show with General Motors…..