After repeated tests where it held, the thrust down after the Fed hike on Wednesday broke down through the big support level and potential H&S neckline in the 2530-40 SPX area and continued down. Wednesday night I was looking at the next big level on ES 2465-80 area and that too has broken yesterday. I’d be surprised not to see a strong counter-trend rally on SPX soon but it’s getting harder to identify where the next decent support might be.
(more…)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.
The New Richistan
Many years ago – – 2008, in fact, when Slope was a mere three years old – – I showed a chart with the cover of the book Richistan on it. It was a book that was published almost to the millisecond of the housing bubble top.
During the summer of 2018, I was nauseated to see the launch of the wildly popular movie Crazy Rich Asians, which had the same money-as-pornography zeitgeist to it. I’ll just let this chart speak for itself:
Delta Delta Delta
Two months ago (and it feels like, oh, about half a decade) I did a post called Whiskey Tango Foxtrot (heh……..) in which I laid out four potential pathways for the market, the last one of which, “Delta”, was the most bearish. Having survived the nightmare of 2009-2018, I was not optimistic about it happening, but I offered it anyway:
Fingernail in the Patty
Another great day! Just look at my spreadsheet of stock picks – -they are down over 20% now on average, beating out the drop in the S&P by about 50%. Another victory for SlopeCharts and Tim!
Oh, and one of my shorts is Red Robin Gourmet (ha!) Burgers. Here:
Overstock Wipeout
Patrick Byrne, the CEO of Overstock, has had a bug up his ass against short sellers for years and years. As I’ve written before, I think the weakness of his company has a lot more to do with its dreadful customer service than the mean old bears. In any case, these guys tried to save themselves earlier this year by hitching themselves to the crypto-craze. I’ll let the chart speak for itself about how well that went.
