Slope of Hope Blog Posts
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All right, I’ve got my box of Blue Bottle coffee, my Bob Ross playing, and the house is ice-cold, so I’m starting to get my wits about me again. I completely blew it this morning, in my got-up-too-late fog, and dumped my ETF positions (TWM, QID, ERY) in a fit of pique. That was not good. I have re-entered some ETF positions, but, sheesh, getting up at 7 a.m. doesn’t work for me. I really need to stick to my 5:30 a.m. arousal, as it were.
Looking at the commodity ETF below, I think it’s in big trouble, and oil will lead the way lower. My principal ally is tinted in green: all that overhead supply. I have offered up a prospective (and my preferred!) path with that red arrow.
I had an exhausting three days of traveling, so I did something that I hardly ever do: overslept. I got up at 7, which for me is the equivalent of getting up in the afternoon. One glance at my iPhone told me I wasn’t missing anything good: everything was up.
The ES is still beneath its triangle, but I’ve pulled my horns in: I got rid of all three of my positions in my “ETF only” portfolio, meaning zero risk exposure (and zero opportunity as well). I really want to see what happens with this triangle, and frankly the market has been extremely frustrating lately.