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.
OK, I’ll say it: this market is officially pissing me off. I know, I know. “Trade what you see before you.” I won’t comment on that advice. I’ll simply point out the following very simple facts:
The Internet bubble that peaked in early 2000 was clean and simple. The break happened, it retraced, and it fell for years afterward:
Here’s your swing-trading watch-list:
Long Tiffany and Co. (TIF)
As I thought it would (and mentioned on Tastytrade the past few days), Alibaba is enjoying the fruits of its breakout (oh, and no more “Jack Ma is funny-looking” comments from me; a friend of mine wants me to talk to him about my screenplay……….)
Yesterday morning I was looking for a test of the SPX 50 hour MA in the 2171/2 area and it was tested exactly at 2172 dead. SPX rallied there and ES has made further gains overnight. A lot of 5 & 15min buy signals fixed on various charts and it may well be that low holds and that the move up into a new all time high has started.
I do have a concern though, which is that the double top target wasn’t hit. It may be that won’t be hit, but until we see a conviction break over falling wedge resistance, which closed yesterday at 2178, then that is a possibility. SPX 15min chart: