This is from earlier this month, but it does a good job getting you acquainted with the man who was just recently elected to be the new President of Brazil.
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.
Yesterday afternoon, I declared 7000 as the ‘magic number’ for the NQ. After Facebook’s report, the NQ surged, and we actually exceeded by target by 0.5%. Surely you’ll allow me that much leeway. Suffice it to say, I was shorting like a sonofabitch in the final half hour. I’ve DOUBLED my exposure.
The close on SPX yesterday was a clear close back over the 5dma, and as it has been a decline of more than 2% since the last break down, that puts SPX back on the Three Day Rule. That means that if SPX should deliver a clear close (4/5+ handles) back below the 5dma, currently at 2684, today or tomorrow, then SPX would very likely retest the October low in the following few days.
When SPX is trending in either direction I watch the 5dma and the 50 hour MA for trend support or resistance. The 50 hour MA is currently in the 2694 area, so that and the 50dma give us the short term support area.
On the resistance side there is a possible IHS neckline in the 2725 area, and that’s still in play potentially if SPX breaks back under the 2685-95. That would have an ideal right shoulder low in the 2651/2 area, but in practical terms in the event of a daily close back under the 5dma SPX would likely deliver at least a new retracement low. (more…)
Just a quick note to say we’ve spiffed up the “Home Page” for premium members. The idea is that when registered users go to SlopeOfHope.com they get a very simple, easy-to-understand launch point where the most important links are. As before, the menus items still work, but this hopefully will allow people to focus on the key stuff.
I am starting to see evidence of serious stress from investors based upon the tone of the some of the comments I am seeing in my articles on the market. Well, at least from those who did not heed my warnings.
In fact, even though I warned about this type of drop well before it happened, some investors were taking their anger out on me even though the market did exactly what I warned it would do. This suggests a high amount of stress being felt by many investors after only a 10% drop off the highs. Can you imagine what it will be like if we attained the full 20-30% correction that we see as a strong potential?
I have even seen commenters begin to channel Barron Rothschild, and say that they are buying because of the blood in the streets. However, I suspect that the blood they are seeing is likely only as a result of paper cuts or knee scrapes rather than any serious injuries – at least for now. In fact, we really have not seen any real blood since 2008/09.