I did a “crude oil is gonna go up” post recently, but I wanted to pile on with this Fibonacci arc graph of the continuous contract:
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.
So Like I Said
Read the post from TWO DAYS AGO, which declared:
The bullish base on the ES is just as clean. There are easily another 40 points of pain in store for the bears. Let’s face it, the market has been beaten to smithereens, and Monday’s powerful bounce could be just the beginning of something larger. To be clear, I think we’re in a bear market, but countertrend rallies are just part of life when it comes to bear markets. They’re vicious, violent, and quick. The measured move on the ES is something a little north of 2710.
And I showed this:
Chico’s and the Man
Well, my tweet this morning pretty much said it all:
I’ve mentioned Chico’s (CHS) again and again and again as a short idea, given its huge dome pattern. It’s been kind of a frustrating position, but today it finally paid off, plunging nearly 40% within minutes. I went ahead and covered at about $4.50, although I would be delighted to short it again on any meaningful bounce.
Are We Approaching A “Once-In-A-Century” Type Event In The Stock Market?
As many of you know, I will often read articles written by others — along with the comments — to gauge the overall sentiment of the market from an anecdotal perspective. During one of my recent perusals of articles, I noticed a quote of the following statement by Sir John Templeton:
“For 100 years optimists have carried the day in U.S. stocks. Even in the dark 70’s, many professional money managers, and many individual investors too, made money in stocks, especially those of smaller companies.
“There will, of course, be corrections, perhaps even crashes. But, over time, our studies indicate stocks do go up. As national economies become more integrated and interdependent, as communication becomes easier and cheaper, business is likely to boom. Trade and travel will grow. Wealth will increase. And stock prices should rise accordingly.” (more…)
Does That Line Really Matter?
I treat charts with a great deal of reverence, bordering on mysticism at times. But there are times when even I am incredulous that a given object on a chart actually has any say-so in what the price is doing.
I was reminded of this tonight, because I noticed a strange blue trendline on a chart whose purpose I didn’t remember. I zoomed back to a bigger time period, and the anchor points still weren’t clear. Only when I backed up a full decade did I see the line, and it turns out to be the supporting trendline for the entire ES uptrend.
