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Well, Thursday was a peculiar day. It started off nice and red, but, as usual, thanks to Fed intervention, everything shifted green. In this instance, the kabuki player they shoved in front of a microphone was Fed President John Williams. So whereas the day started off weak due to real information (lackluster earnings), it ended the day strong thanks to bluster (the vapid utterances from Williams’ lips). Whatever works, right?
I wanted to point out the minor crossroads the market is at currently, by way of the Dow Jones Composite. Here are the past couple of years. We were at the highest point in human history just a couple of trading sessions ago, and it wouldn’t take much to set another record high. The key is whether we can cross over 9051.98:
While many are talking about major new bull markets in gold, silver
and the miners I find it safer to set realistic goals within a still
very bullish outlook. After all, we became bullish in November, had to
retrench due to over-bullish sentiment and fading fundamentals in
February (both situations linked here) and then have been back in the bull seat since the gold stock launch as noted on June 3rd.
This post is explicitly aimed at those at the Sloper level of service (in other words, free users). I’d like to strongly encourage you to consider signing up for a Bronze membership, which is our cheapest one. Besides all the cool stuff you get with your memberships, here are my reasons to do this immediately instead of in the future:
On August 1, the price is going up 50%;
I am going to take away a number of free features and put them into Bronze (and the higher levels, obviously), such as the Reporting This Week earnings calendar and the options chain page, besides all the features listed below;
As as reminder, I deliberately removed commercial advertisements from the site (and sacrificed the substantial revenue in doing so) in order to make Slope faster and better-looking, so, c’mon, you could at least throw a few bucks my way each month to support Slope. You’re a serious trader. Is $9.95 a hardship? I bet not!
It seems to me the likelihood of the sun rising in the east and setting in the west is probably beneath the likelihood of Microsoft going up after every earnings report. MSFT is the big earnings report after the close today, and although I have no position, and I certainly wouldn’t bet against it, it sure would be interesting if they sprinkled some disappointment in this utterly phony market of ours.