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.
You know who they are; they are the ones who denied and denied the ginned up bull market in US stocks that nearly tripled under the socialist regime, circa 2009-2016. They are the ones who clung to gold well past the caution point last summer. They are (yes, it’s another snappy buzz phrase to either entertain, bore or annoy you… ) the S.O.D., AKA the Sons of Druckenmiller, AKA politically biased and newly activated market participants. Reference…
Druckenmiller: Get out of the stock market, own gold (this helped load the boat full of ill-fated gold bugs in the spring).
The night Trump was elected president, Stanley Druckenmiller dumped gold (this signaled the beginning of reparations to gold’s sentiment profile). He also became very bullish on the stock market; go figure.
The holiday tape has defeated the nice looking retracement setup at the start of the week. There should still be at least some retracement over the next few days, but after a holding like a champ until late yesterday afternoon the decent resistance trendline on RUT finally broke. What there is of the remainder of the week is low volume holiday tape, so it may well be that we won’t see much of interest on the indices before next week, and Monday and Tuesday both lean bullish historically. RUT 60min chart:
I last wrote about China’s Shanghai Index (as part of a comprehensive review of major world markets) on January 29th. Since then, and, until June, the road to recovery from its lows of the year has been volatile and rocky. The last half of this year has seen a fairly steady, if choppy, advance to its current level just below its next resistance level of 3250, as shown on the following Daily chart.
In that post, I had mentioned that a rally to (and hold above) 3000 could thwart a major downdraft, as was being threatened by an imminent break of a neckline of a massive Head & Shoulders formation.
There have been two “slow and steady” trades I’ve been writing at length about for my Slope Plus members – – being short precious metals miners and being short the Euro.
Well, you probably know by now that gold is doing what it does best – – – falling – – and the prospect I suggested that maybe it might get a TINY bounce before resuming its lame ways is out the window. I suspect GDX and GDXJ will continue blossoming (well, rotting) based upon their absolutely marvelous topping patterns, heading for prices lower than anyone dared think. As for poor old gold, it looks like the next $100 down has nothing blocking it………