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.
The USD/JPY has been an important source of strength of US equities lately. The green tint I’ve placed below is pretty much where things should exhaust themselves vis a vis the Fibonacci retracement levels. If we just slip past this level with strength, we could simply be in a new, higher range for the yen, making it all the easier for stocks to keep making daily lifetime highs (I stand in awe that the Dow 30 appears to be poised to make its ninth daily gain in a row).
Those of you who watch my little Tastytrade show might remember that yesterday I turned sour on precious metals miners. I bought a position in DUST and also shorted a couple of specific miners (AG, NEM)
Philosophically, I’m a big fan of precious metals thriving in the years ahead as a declaration of the ultimate failure of central bankers. From a charting perspective, though, miners have been oh-my-Lord-overbought for weeks now, and it seemed it was time for a breather. (What really sold me was the collapsing volume in DUST, suggesting people had just stopped bothering anymore). In any event, it looks like this sector is in for some backing-and-filling. Gold’s first important test of support is coming up, tinted in green:
It has been very dull in the afternoon recently, and sometimes not a lot more interesting in the morning. SPX has been stalled for three days now and a possible double top has formed. It’s very small, and after the great leap upward from 1991, one would think that a retracement of slightly over 1% would be easily accomplished, but it seems that SPX is paralysed into a retracement that so far has been only in time.
If a surviving bear can be located, then an hourly close below double top support at 2155.79, and the 50 hour MA in the same area, then the pattern target would be in the 2142.50 area. First support on a daily close basis is at the 5dma, currently in the 2160 area. SPX daily chart:
When I was a kid, I fondly remember watching Gilda Radner’s special on HBO. I stumbled upon one of the songs from it the other day, and I remembered every note, even though it’s been decades. It’s, umm, NSFW.
