Anyone out there remember a company called Iomega? There were a firm that made these hideous things called ZIP Drives, and for some reason, trading their stock was all the rage. It made sense at the time, since Iomega shares seem to do little but go up every day.
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The downward plunge never ends when you think it will. There’s always a lower level. That way gold bug spirits get crushed before those left standing can become “joyous”.
Some thoughts from NFTRH 510:
Both gold and silver look like they could be in little daily chart bear flags. Oh no! More bearishness on the way! I am getting bullisher by the week.
Again, that is how it is with the precious metals. Sure, if you go too quickly you get some cuts, scrapes and if too eager, even amputations of fingers by falling knives. But this generally is the type of environment where you stand up and take notice. The gold obsessives – i.e. gold newsletter writers, gold stock experts, “gold analysts” (ha ha ha) and others who want their herds to remain enthralled as if there is no other sector in the markets – are in damage control mode.
Because gold and silver are technically bearish, the gold stock ETFs are on the verge of breakdowns and the world is still risk ‘on’ right now, the amalgam known as the gold “community” may find a need to give the troops the straight scoop, which is that it’s bearish out there. With every fiber of its being the “community” wants not to be saying that, but they have to in order to maintain credibility.
This is when you buy the sector. Period. Now, what does “buy” mean? Well I personally screwed up trades in NEM and AEM. So I am by no means saying that [it] is easy. You have to manage risk while at the same time keeping an eye on the ball, which is a general buying opportunity for anything from a potential strong bounce to a bull phase.
As to that second thing, a turn in the risk ‘on’ world to bearish and/or risk ‘off’ would be the right context. What is happening now is that the inflationists are getting dismissed and the people who buy liquidations within disinflationary backdrops are at the ready. While I am bullish on all counts but the macro fundamentals – which continue to be mixed to bearish – I’d continue to respect the possibility of a final flush before the rally gets going.
I want to encourage you more than ever to check out SlopeMATRIX, which is, like so many things on Slope, both free and fabulous. We have made many improvements this week, most notably with respect to speed. You’ll all notice two dropdowns now: one for your SlopeCharts lists, and another with ready-to-use symbol lists. Check it out now, especially if you are already a SlopeCharts user!
Yesterday I saw an article which described how transactions carried out in cryptocurrencies had collapsed since the year began. This made sense to me, since not only are cryptos incredibly and unbelievably awkward for transactions that could easily take place via Paypal or a credit card, and crypto fever had peaked around late December.
I look at the Bitcoin chart from time to time (SlopeCharts can chart just about any crypto), but I hadn’t surveilled the second- and third-tier cryptos in months. I thumbed through them, and it was quite a sight……….