Here’s the Swing Trades:
Long MGM Resorts International (MGM)
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.
Might Retrace A Bit Here
The channel resistance break at the open yesterday was a significant break, and there’s no short term reason to think that we are making a sizeable turn here. There is quite a lot of short term negative divergence here though and that might deliver a modest retracement. Double trendline support is currently in the 2356/7 area and if SPX can break below there is a possible gap fill target at 2351.16 or we could see another test of the current price floor in the 2340 area, a strong match with the ES weekly pivot at 2337.75. SPX 60min chart:
Let’s Just Get These Out of the Way
The IPO of Snap, Inc. (the makers of SnapChat, who are making a big point of describing themselves as “a camera company“) is hotly-anticipated. There’s no exact date set yet, but I guess it’ll come out in March, and all eyes will be upon it, since it’s always a good litmus test to see how the public markets are doing when a money-losing behemoth comes out.
Twitter, as we all know, soared at first, and it’s been a complete train wreck ever since. Facebook, on the other hand, flopped at first, but it’s been a blue chip since then.
As Facebook was doing poorly, lots of obvious jabs were used, such as “Faceplant”. Should SNAP ever encounter a period of weakness (if you can imagine such a thing), I’d expect some really predictable headlines will include…….
- SNAP turns to CRAP
- “Oh, Snap!”
- Price “snaps” lower
I’m sure there are plenty others. Anyway, it’s about as predictable as the next major U.S. elections, when God-knows-how-many campaigns will try to play off the “2020 Vision” theme.
Incidentally, I forgot how funny this item from The Onion was until I re-read it this morning. Enjoy.
Two Stocks Ready to Break Out Higher
EnLink Midstream Partners, LP (ENLK) broke out today of a two week consolidation(bull flag) and begin new up wave with target projection toward the upper channel line in the 20 area.
