Slope of Hope Blog Posts
This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.
(Note from Tim: I have provided a hyperlink to the SlopeCharts for each symbol.)
Ignyta, Inc. (RXDX) popped 7%, or 95 cents, Tuesday, closing at $14.35 on heavy volume of 1.4 million shares traded. The move came on news of both positive clinical trial results and an announcement from the European Medicines Agency that it has given special designation and support to the company’s tumor drug. The stock has been on a strong march up since it broke above its bull wedge consolidation pattern on October 2, when the biotech company had announced positive drug data. There is significant lateral resistance around $15, notable because price could not persist above $15 the last time it was this high in December 2015. Beyond that, the rising channel top points to the potential of $22-$24.
Mirati Therapeutics, Inc. (MRTX) rose 55 cents to close at $14.25 Tuesday on no news. The stock has gained 400% since May 31. Price has been consolidating in a beautiful bull flag pattern for the past 9 days. If there is a return to momentum in the biotech sector, this oncology drug stock may run to $15.50 again in the short term and $20 soon after that. (more…)
During Slope’s nearly thirteen year history, dozens of people have contributed posts to the site. Although I’ve written most of the 20,000+ posts here, the contributions from others besides me has brought tremendous benefit, including:
- Providing diverse thought and opinion – so that not every post is about shorting every financial instrument that has a ticker symbol;
- Allowing me to focus on other activities, such as SlopeCharts development
- Occasionally allowing me to have some semblance of a life outside Slope
I last wrote about the SPX:VIX ratio on September 30.
Price action on the Monthly ratio chart below shows an inability, so far, for volatility to be held at bay, while the SPX continues to make new highs, almost daily.
It has failed to hold, with conviction, above the 250 level and advance above its next resistance level, which is a 161.8% external Fibonacci level at 280.