I don’t talk a lot about long ideas here on Slope, but the semiconductors fund caught my eye:
The Twenty Year Long
Slope of Hope Blog Posts
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All Clear?
The horizontal line which, for months on end, the bulls weren’t able to push past was finally defeated on Friday. It seems that all week long, the ES kept trying to break through, and although it got maybe a point or so above the line, it was always repelled. That is, until Friday, at which time it swifted tacked on 10 points, dropped to test the line successfully, and strengthened once more.
Hurdles for Gold Stocks
One problem for the gold stock sector was highlighted here and here evidently a little too obnoxiously for the liking of some bugs. The problem was the aggressive bullhorn sounds emanating from every orifice of the gold community the minute the charts broke upward into an obviously bullish technical state.
Week in Review
So Here We Are Then
Last Friday I was saying that my preferred scenario on SPX would deliver a marginal new rally high to make the second high of a double top to then take SPX back into the 2600-50 area. We have seen that marginal higher high, the middle of this cycle high window is today, and the stats for next week lean significantly bearish. If everything keeps going to plan then SPX is about to reverse down here and this high may be the 2019 high, though I’m still wondering about a possible ATH retest after the next big low window in June.
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