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.
Before I begin, I want to say I am DELIGHTED at how many folks are updating their avatars (or creating new ones altogether) with the “Santa hat” theme. We’re a lively bunch, we Slopers. Just click here to go to your profile and update your avatar (or give yourself one). All the cool kids do it, and it’s free!
Now, on with the show. I’m confident most of you remember this from early 2009:
A few weeks ago, I did a post called Will Chart for Booze, which was a tale of a chap in a bar who bought me a drink and regaled me with tales of his Google purchase, based upon something he read about them getting machine learning. Let’s see what has happened with his ill-conceived purchase where I’ve marked the arrow.
The NASDAQ Composite is at a moment of truth. It has BOUNCED and FOUND SUPPORT at the only trendline that matters. The last time it did this, twenty-three months ago, it went on to extraordinary gains, and the bulls stomped the living guts out the bears.
Know this: if our bullish friends can’t find support here, they’re going to be screwed, and screwed for years. The time is now.
Well, my head is spinning. Having slept from 1 a.m. to 5 a.m., I woke up to a pile of user emails, a site that needed tending, and 100 short positions to manage. Added to which, my profit has swung from Insanely Massive to simply Good. All while fighting server demons and tech mysteries. I even managed to get out a premium post. Bob Ross and Blue Bottle are the ONLY reasons I’ve made it this far.
I’ll just share you this one chart. Maybe we’ve washed out a bit this morning. Here’s the small caps (Russell 2000). Maybe we’ve got a double bottom for now. More broadly, we’ve got quite a violation of the moving averages happening. A firm downtrend remains in place. But the bulls haven’t given up. As I’m typing this, they’re fighting like hell, and it’s working. Watch that tinted zone.