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I reserve most of the work on precious metals for NFTRH weekly reports and in-week updates because it is done on a consistent basis, with the work done previously key to the narrative making sense in real time and going forward. In other words, in order to not be out there stabbing in the dark you need to have an ongoing, adjustable plan that makes sense at all times with the macro markets around it.
So that said, let’s take a snapshot of where things stand currently with the understanding that this work will need future updates, which will probably not be made publicly. It is up to the reader to do the work required to put context to the picture. Meanwhile, this will free up more space in next week’s NFTRH 538 to focus on some quality miner charts, which sometimes take a back seat to the macro/sector stuff. (more…)
I don’t mention cryptos here much, but I saw a headline that LiteCoin was up 30%. There’s an entire subculture of crypto journalism, and I am certain without even looking that there’s a whole raft of “Crypto is BACK!” articles being cranked out at this very moment. My view is that this is a “one and done” kind of move. I continue to be impressed at how chart-compliant cryptos are, and the red horizontal and blue descending trendline should, I think, cap prices right about here.
Here are two stocks moving higher on news and two others showing weakening technicals.
American Superconductor Corporation (AMSC) jumped 66 cents to $14.54 Thursday on 604,100 shares, or double its average volume. The wind turbine component maker beat Wall Street expectations in its earnings release on Tuesday. The stock has been in a steeply rising channel since its late-October low under $6, and the channel top points to $19.
Evolus, Inc. (EOLS) popped $4.85 to $28.91 on 4.8 million shares Thursday. Shares in the provider of medical aesthetic products have rallied since the company received FDA approval a week ago for its treatment of frown lines. The stock is right at resistance from its late August high, and a move through this level could get it to $34 next.
On the short side, Carvana Co. (CVNA), which dropped 39 cents to $33.02 on Thursday, has broken down from an ascending wedge within a declining channel off its September top. There’s support at around $29 for the stock in the company, which operates an e-commerce platform for buying used cars. If that level doesn’t hold, then the stock could fall to next support at around $24-$25.
Medifast, Inc. (MED), which gave back 19 cents to $127.07 on Thursday, has been declining since September in a series of ascending wedges that have failed. Stock in the healthy-living specialty retailer is currently in another ascending wedge near the top of its declining channel, which if it fails could pullback to test the $108 area. The stop would be near last week’s high just under $132.
Today’s starting out a lot like yesterday for me: a bunch of short positions, almost all of which are doing fine, and then a total dud or two. Yesterday’s bomb was STI. Today’s was G. Ah, well. You take the good with the bad. It’s still a good day so far.
Of particular aid are the financials, which seemed to have obeyed resistance quite nicely: