This entire week has been spent doing one thing: just hanging out beneath the trendline. No surge (thank God). No break. Just………..lingering. I have no quarrel with the ES being down a few points here and there, but for Pete’s sake, can we get a -40 one of these days? Is it no longer possible? Because the trendline is BROKEN, and it’s time to plunge, baby.
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.
Copper, Oil, Gold and US Stocks: Big Picture Status
Sometimes I like to trot these lumbering monthlies out so we can quiet everything down and see where various markets are slowly heading.
First of all, as I go down with my ‘strengthening US dollar’ ship*, I also mal-projected copper’s upside. I’d felt that $3/lb. would cap Doctor Copper because it is very clear lateral resistance at a handy 38% Fib retrace.**
If, Then
A couple of years ago a long-term reader described me as an ‘if, then’ analyst, and that was a decent description. The short term setup here is very much an ‘if, then’ setup. If short term support holds, then the rally should resume into the flag target at the retest of the all time high.
So where is that support? On the hourly chart that is at the 50 hour MA, currently at 2461 and with the 200 hour MA just below. That’s been tested in the last day or so with more enthusiasm than I would prefer, but that’s holding so far. SPX 60min chart:
Wretched Dining
I’ve spent the past few months dissing lame-ass eating destinations such as Cheesecake Factory, Chili’s, and Fiesta Restaurant Group, among others. Here’s a sampling of some of the breakdowns that have been taking place (and I think we’re just getting started).
Acadia Diamond
I’ve mentioned this in passing earlier, but I want to point out once again the well-formed diamond topping pattern in Acadia Pharmaceutical.
