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.
For all of 2019, I have been watching one analyst after another suggesting investors “fade” the rally in bonds. And, of late, these voices have been getting louder and louder, as I just read yet another article calling for the “Great Unwind” in the bond trade.
Well, folks, decades ago John Maynard Keynes noted about such people that the market can remain irrational longer than they can remain solvent. And, 2019 has certainly proven the truth of Keynes’ perspective when it comes to the bond market.
In my premarket video this morning for daily video service at theartofchart.net I was saying that until demonstrated otherwise I was expecting to see all time retests on ES and NQ before a possible swing high (and potential significant top). That high retest is at 3027.75 on ES and the high today so far has just missed that by 2 handles so far. That full test is likely needed before the turn. There is a very nicely formed nested double top setup formed on ES and SPX and that just needs a decent turn down to set the next move in motion.
Here are four stocks to watch, three of them moving on strong earnings. Clicking on any of the symbols will yield a SlopeChart with the chart autoloaded.
Anika Therapeutics, Inc. (ANIK) popped $11.78, or 28.8%, to $52.60 on Thursday on 1.3 million shares, or about 8x its average volume. The small biotech beat analyst estimates in its second-quarter results released after market close Wednesday. The breakaway gap and continued run-up broke the stock through several layers of lateral resistance, with the next target at the $61 level last reached in early 2018.
AudioCodes Ltd. (AUDC) jumped 69 cents to $18.52 on Thursday on 454,300 shares. The vendor of advanced voice networking and media processing solutions for the digital workplace reported strong second quarter results on Tuesday. That news broke the stock out of a nearly 3-month coil pattern. After pulling back slightly on Wednesday, the stock resumed the rally on Thursday, with the rising channel pointing to $21 next.
I’ve got to say, I love the new user interface to SlopeCharts. I am finding it to be far easier to use, and I’m finding myself using features that I used to ignore simply because they are closer to reach.
Now that I’ve updated the reference guide to take all these changes into account, I’ve turned my attention to the slower process of updating the twenty-one different instructional videos. I’m intending for these not not only represent the much-updated style of the product, but also to have better audio, since a lot of my prior videos were cursed with a prominent buzzing sound. Anyway, here’s the first one. I hope to finish them all in a week.
I sometimes talk about patience when it comes to positions, irrespective of whether they are long or short. I wanted to offer an example below in the form of Gulfport Energy (GPOR). What’s intriguing about this is the size and clarity of the topping pattern. Everything above that horizontal line is a squeaky-clean top (this image was as the stock looked months ago).