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Near the end of the book The Big Short, there is a scene in which two of the principal characters are sitting outside in downtown Manhattan during the throes of the financial crisis. The entire financial world is in absolute pandemonium, but as they look around them…………nothing. Birds are singing. Children are playing. People are walking around, getting their errands done. A guy passes by on a bicycle. Nothing is different than it ever was.
That’s always been one of my favorite parts of the book, because the contrast between what those guys were experiencing (being completely and utterly enveloped in global chaos) and what was going on in the normal world is applicable in so many facets of life.
I begin this post with that anecdote because, with but a single week left until we have elected a new President, it seems everyone is convinced that Things Will Be So Different once the deed is done.
Most of the afternoons lately have been impressively dull and they all seems to merge into each other after a while. the main takeaway from yesterday and last night though was that, so far at least, the ES weekly pivot at 2128.75 (2133/4 SPX area) has been very solid resistance. As long as that remains the case the obvious next target is at least a retest of the last low at 2112.5 ES (2117.5 SPX area). ES Dec 60min chart:
This post title is misleading, because I’m actually pretty happy with the market today. The US dollar is surging against the Mexican Peso again, indicating increasing concerns on the part of FOREX traders that maybe Trump has a chance after all. We live in interesting times, don’t we? One week to go, everybody!
It wasn’t that long ago that every day, like clockwork, the market would rally for the last half of the day (if not more). I would frequently bemoan this, and folks both here and on Twitter would say something along the lines of, “Well, ya idiot, take advantage of it!” But I never did.
Good thing, too, because this “sure thing” has become a “sure loser” almost every single time. ZeroHedge put together a graph showing (in circles) the end-of-day action, and in almost all cases, it’s down (there are a tiny number, not circled, that are up). It just goes to show that the “easy” answers aren’t always the right ones.