Since I posted my article of May 28 regarding the five FAANG stocks, we’ve seen some profit-taking in all of them over the past week, most notably in Netflix (NFLX), as illustrated on the 1-Month and 1-Week percentages gained/lost graphs below.
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.
Retch…….
Oft-cited short idea Brinker International is really starting to kick in now, with a beautiful gap down and a drop of over 6% this morning. Rest assured, I’m holding on to this one.
A Rush and a Crush
Soooooooo………how’s that border wall coming?
Errr, never mind. I’m eventually going to learn that politics isn’t worth discussing. As I’ve said before, I’m not the kind that sucks at the government teat, so I don’t get worked up (or really care that much) about the goings-on in D.C. I find it amusing, yes, but the notion of making some individual an avatar for myself and getting all riled when he is attacked……..no, I’ll leave that for dim minds. Some people consider themselves superior to others based on their beliefs, but humans are innately self-interested, and their politics reflect that.
So let’s talk about religion instead!
No, no, no. Almost as bad. Let’s look at a chart or two.
It’s heartening, of course, to see the stuffing being knocked out of the NQ. Friday and Monday morning started it all, and we had our Gartman “shall take courage to purchase, and we shall” rally, and then the “Trump is hosed” resumption. The real question, of course, will be whether we take out recent lows. I’ll let you guess which side I’m cheering for. (more…)
Fifty Back
I was saying on my twitter at lunchtime that the 70% option was a fail at weekly pivot resistance and the 50% retracement level on the NQ chart, and that duly delivered after a slightly nonplussed pause after the FOMC rate rise at 2pm as the market tried to work out whether such a heavily trailed announcement qualified as news and, if it did, whether such expected news could really be a credible reason for markets to react to it. Honestly I have no idea what the answers to those questions might be myself, but the setup favored the bears regardless and duly delivered the reversal at obvious resistance.
Key trendline support on the NDX charts is megaphone support currently in the 5650 area, and the near miss at the last test is suggesting strongly that will break on the next test. NDX 60min chart:
Improvements in Sharing
Ever since the introduction of SlopeCharts (and, more particularly, the PLUS-exclusive features in it), there has been a bull market in subscriptions, which is great. PLUS, after all, is what keeps this place running. I assure you, a few years ago, Slope of Hope was heading for the dustbin of history, since advertising revenue absolutely sucks. Anyway, PLUS is thriving, so thank you, PLUS members!
