A thoughtful Sloper just sent me this article from MarketWatch. Give it a read. But the bottom line is that the seven-figure Wall Street Analysts pretty much all got an “F” but your humble narrator landed a “B”. Not bad for a lonely little fellow working from a spare bedroom, is it?
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.
For the entirety of 2018, I have been obsessed with the analog between the present year and a decade ago. This has been unfolding absolutely beautifully, and one of the reasons I love this market (four words I haven’t been able to say in a very long time) is how chart-friendly it is and how magnificently the financial stocks are breaking down. I suspect we have a long, long way to enjoy this calamity.
I had food poisoning for half of last week so I didn’t manage to get a post out or remind everyone that Stan and I were doing our monthly public Chart Chat on Sunday. If you missed that the recording is posted here.
In the webinar yesterday we were looking at the likely triangle on ES/SPX and what would be likely to happen when that broke down, which it has with the move under 2600 this morning. What generally happens now is an initial break down, then a backtest back into the body of the triangle, likely in progress, and then a thrust down from the triangle, first working target mid to high 2400s though with very significant support at the annual pivot and 2018 low in the 2530-40 area where there is a possible large H&S neckline.
At the end of each year, the extremely-well-paid analysts of the world’s leading investment banks issue their projections for the S&P 500. You can be sure of two things:
- The projections will all be bullish;
- None of them will come true
In spite of this, the banks continue to pay them huge salaries, mainly to keep the gullible investing public fully involved in the “markets” so they can keep skimming those sweet, sweet fees. It’s worth paying some dude a million bucks to lie for you if you can make a billion in return.(more…)