Slope of Hope Blog Posts
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My head’s in a bit of a whirl for a couple of reasons. First, I had a long meeting about overhauling good old Slope. That’s always a fun, creative exercise. Second, I enjoyed my second Blue Bottle coffee of the day during the same meeting, which is probably too much caffeine for my dainty constitution.
Anyway, just to share some thoughts on where the market stands………
I’ve shown this chart over, and over, and over again, but it demands repeating: Finish Line (FINL). I have rarely seen such a fantastic top. I’ve been short it a while, and I added more this morning. It’s a beauty, a honey, and furry little bunny.
Home Depot (HD) beat on EPS, Revenues, and Same Store Sales when it reported on Tuesday prior to the market open. However, after initially popping 2.5% to 158.11 from Monday’s 154.26 close, HD reversed sharply into negative territory at 153.00/10 in pre-market action and closed the day at 150.17, down 2.6%.
I am not sure what the selling is all about, except for a “sell-the-news” reaction, but one look at my 4-hour chart of HD, we can see that HD actually peaked back in mid-May, and since has established a series of lower-highs (including Tuesday morning’s spike to another lower-high).
From a near-term perspective, HD needed to hold support in the 152.40/60 area to avert triggering a potentially significant sell signal from one of a handful of powerful, still relevant and profitable, brick and mortar retailers.