I was very impressed with these two charts from Elliott Wave International, which they have kindly allowed me to publish here on Slope.
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.
Small Cap Channel Broken
So……..is that it? Is the all-clear siren wailing? Has the third missile scare come and gone without a trace?
Figures.
Anyway, I’m typing this before the open, and it’s dullsville again. Equity markets are somewhat positive, and crude continues to have the jitters as Irma roars through the Caribbean.
My main focus is on the small caps, as illustrated with the IWM below. They have been in a strong uptrend ever since the February 2016 bottom, but that broke at the start of last month. In the past few weeks, there was a powerful counter-trend rally, but that may have snapped yesterday with a big bearish engulfing pattern.
This morning, naturally, we’re getting some fight-back from the bulls, but keep your eye on the longer-term picture.
Bullion Buffoon
It wasn’t that long ago that when I felt like it was a good time to buy gold (that is, real gold you could hold in your hands), I would go out and buy some. But after a while, gold wouldn’t be doing that well, and I’d sort of realize that there was really no scenario in which it would be useful to me (e.g. there would never come a day that everyone was starving since Whole Foods would ONLY accept gold, and I’d be able to feed my family due to my good planning). So I’d dump it.
I thought I’d show when I bought and sold bullion, thinking it would reveal Gartman-like levels of bad timing. It turns out it wasn’t THAT bad. It was sort of bad – – buffoon level, I guess – – but nothing horrendous. Below I marked in green the buy points and in magenta the sell points.
Oh, Those GPUs….
OK, at the moment, I have nothing to say – – but we need a comment cleaner! So I’ll just toss in this cute little SlopeChart to show the correlation between BitCoin and Nvidia. There are a handful of firms which make GPUs, Nvidia being the big swinging dick of the lot, and this chipmaker’s fortune is tied tightly to bitcoin’s. With the nearly 20% smackdown $BTC suffered during the weekend, it’s not that shocking Nvidia would take it on the chin.
If I think of anything non-idiotic to write, I’ll do so later tonight.
