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As we wrap up quadruple-witching week, let’s take a fresh look at five important cash indexes.
We begin with the Dow Composite (also known as the Dow 65). It’s all about that tinted line, folks. Cross above it, and the bulls are going to take this decade-long bull market to new highs. Continue to be repelled by it, and the countertrend rally that start on Christmas is going to crumble.
Here are four stocks to watch with strong price momentum fueled by earnings.
Denali Therapeutics Inc. (DNLI) jumped $2.17 to $24.37 on 1.19 million shares Wednesday, nearly 3 times its average volume. The move followed Tuesday’s earnings release by the biopharmaceutical company, which is developing treatments for neurodegenerative diseases. With the move, the stock took out multiple tops, and looks like it could extend further. Watch next for a test of the February high near $25.75.
Guardant Health, Inc. (GH) exploded for $24.45, or 27.6%, to $94.45 on 3.7 million shares Wednesday, 3 1/2 times its average volume. The move came as the cancer diagnostics company beat Wall Street expectations in its fourth quarter earnings report. The stock is extended and could pull back and consolidate, but eventually ride the rising channel up to above $120.
It seems the global kerfuffle of the fabled China/US trade deal is a one-edged sword. That is to say: hope that a trade deal will happen is a positive, having added 4,000 points to the Dow. Despair that a trade deal will never happen, or at least be endlessly delayed, has been deemed irrelevant. I offer you last night’s session: