Oil, as represented by the USO fund below, had been inside a symmetric triangle for many months. It had broken beneath it, but it’s managed to claw its way back up inside. The dividing line is at $10.70, which is just about the midline of the triangle. Breach that, and oil will gather even more strength. Fail to do so, and it’s at risk of slumping beneath this large pattern again. I remain bearish oil and short energy stocks. I also own January puts against XOP.
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.
I am terribly excited, because for the first time since 2004, I am going to have an honest-to-goodness full-time employee. His purpose in life is simple: SlopeCharts. As you can tell, I’m very committed to this product. It’s been very quiet for a couple of months now (very stable, but no new features), but that’s about to change.
I have a notebook full of goals and ideas, but I’d really like to get a sense directly from you, the user, about what you’d like to see next, what you wish SlopeCharts had, or maybe what would have made you keep using the product (assuming you tried it and didn’t stick with it). This will only take a minute of your time, or less. Thanks!
As far as I’m aware the only nonsense word from Lewis Carroll’s Jabberwocky to make it into general usage was ‘galumphing’ a wonderful word evoking something large and ungainly achieving speed without grace. Still a favorite word of mine, though not one I get a chance to use often.
NDX has reversed back up on a setup I show on the NQ daily chart below, and the obvious read is that NDX is galumphing back to a retest of the all time high, though NDX still looks heavy and might fail to deliver on that.
In the meantime SPX delivered a higher high and the possible daily RSI 5 / NYMO buy signal that I was hoping to see start brewing on a higher high is now brewing, and should fix as an when this move up tops out. SPX daily chart: (more…)