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.
Before the open today, I noted to our members that crude oil is starting to look and act like the correction off of the Aug 19 high at $48.75 in the USO into this morning’s low at $46.42 is at, or very near, completion. If accurate, this also means that oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.
Since then, the USO has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-24 correction is complete — and that a new upleg is in its infancy.
Originally published on MPTrader.com.
I see a particular opportunity setting up in the gold mining sector. I’ll keep this short and sweet. First, let me draw your attention the US dollar daily chart.
Stan’s on holiday this week (as well as last week) and I’m minding the shop at theartofchart.net, so I’ve been more underwater than usual. I try to get these posts out in the morning but that’s not always possible. Apologies for this particularly late one.
Bears had a good day yesterday and the marginal swing high that I was looking for was not made. Does this mean that this seemingly eternal topping process is finally done? Well no, but it’s a step closer to finished. As I mention regularly, there’s no hurrying these things and topping processes particularly can test the patience of even the most experienced traders. It’s coming, and coming soon, but there’s still more to do as I’ll show below.
Here’s your swing-trading watch-list:
Long Intel (INTC)