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.

Gravy In The Gap

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‘Gravy In the Gap’ is a day where the real action took place overnight and the day that followed is relatively muted. We could see an interesting day on equity indices today but it seems unlikely to be as interesting as the action overnight, unless we see a trend down day, that on the setup I’m seeing here would be surprising.

I said on Friday morning that it was possible that ES was evolving into a larger decline pattern, but that I was leaning against it. It did evolve into a larger pattern which was a falling channel and I posted that for subscribers at theartofchart.net on Saturday and we were looking for at least some more downside in the public Chart Chat yesterday. ES went a bit lower last night to 2179, two ticks above my lower double top target at 2178.5. The channel broke up later on and the next obvious target is a retest of 2214, with support at the weekly pivot at 2196.25. ES Dec 60min chart: (more…)

About-Face!

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I was more than a little surprised to glance at my iPad at 4 in the morning and see that the entire Euro-Plunge had reversed. As the quote on ZH puts it, “After Brexit, it took three days for markets to shake it off, with Trump it took three hours, with Italy it took three minutes.” So here I am banging out a quick post.

As stated in my Sunday post, “I had thought – – erroneously, it seems – – that we might get a bit of a bounce” – – well, I guess it wasn’t so erroneous. I’ve got a big short position on the UUP, so maybe that’ll work out after all. To be clear, my long-term view on the Euro is unchanged (which calls for weakness down to parity). At the moment, though, it seems that everything is green, with the exception, of course, being gold………..guaranteed by federal statute to fall every day no matter what the markets are doing.

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