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.
One thing that failing companies like Twitter do to scare the bejesus out of sweet bears like me is to yammer on about how they’re going to sell themselves to the top bidder. This causes most bears to break out in a cold sweat about the giant premiums that other companies will pay.
I’ve learned to get over this fear. For instance, one of my 75 short positions is Kate Spade (KATE), shown below. Word on the street is that Coach is going to buy them (who else but a seller of overpriced handbags would want to buy another seller of overpriced handbags?)
Bulls needed to confirm Thursday’s break above the SPX daily middle band with a second close above the middle band on Friday, but didn’t manage it. We’re seeing a reaction to that fail so far today. SPX has broken below important trend support at the 50 hour MA, currently at 2355, and if that can be converted to resistance then that would support a possible retest of the daily lower band on the daily chart. SPX 60min chart:
It always seems to be this way………..whenever the market day starts off totally boring and hum-drum is when I have a great day, and whenever things seem awesome and exciting (like early last week), the day sucks out loud.
So, as I was bitching this morning about how boring and dull things were, I left all my screens and went off to make my beloved family some banana nut muffins. I completely ignored the market, focusing instead of making sure the batter was well-aerated, since yesterday morning’s muffins were so dense they could have been used for personal defense.