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Note: The following is a TA post. It tries not
to focus on fundamentals or the negative potential sentiment setup that
could develop when Coronavirus relief finally spreads across the land.
It’s the short and long-term TA of it, as it stands now.
I found this comment response to the Goldseek version of my article on the long-term gold Commitments of Traders situation
to be amusing and also on point, since I know a lot of what I write can
be confusing to the untrained eye amid a sea of readily digestible analysis out there. Good one, sir…
Many months ago, I would often feature Budweiser (symbol BUD – – ha, ha.) as a short, since it had a gargantuan head and shoulders pattern. Well, that pattern played out beautifully, but I wanted to point out it has formed a new, lower, but still quite clean version of the same pattern.
It’s actually kind of a shame that the soulless scumbags that have created this 11 year bull(shit) market are going to have a virus to blame for its termination, since the public is too blinkered and clueless to know otherwise. Of course, the soulless Wilbur Ross, who himself will be a corpse quite soon, was gleefully declaring how the virus would restore American jobs. He’s on his third marriage (failed marriages and fractured families seem to be a requirement of this administration) , so I’m not so sure how much faith you should have in his prognostications about what anyone’s future holds.
In any case, the market continues to unravel. Every single one of my 61 short positions is profitable, and my longs (gold, bonds) are going great too. Here’s the Dow Jones Composite, following the ridiculous AMZN blow-out numbers last night, which everyone assumed would push the Dow over 30,000.
Good morning, and Happy Friday, Slopers. (Actually, I vastly prefer the workweek, so perhaps the bon mots with respect to Friday isn’t called for). Anyway, in spite of the insane Tesla and Amazon surges, the resistance line held vast, and we’re looking at double-digit red on ES and NQ now.