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.
In the grand scheme of things, consider the area above current price on the following 50-year (monthly) chart of the SPX as the top of an iceberg…and the area below as its foundation beneath the surface of an ocean.
There is a fundamentally-solid foundation of (economic) support below the surface to keep the U.S. economy afloat in these turbulent times.
I see that, true to form, Congress came up with a long-ass name for their $2 trillion handout to billionaires that forms an acronym for the express purpose of fooling the public into thinking it’s a good law. It has the vomit-inducing acronym CARES (as in Congress CARES About You……….sort of like how Jerome Powell does).
I consider myself vastly more creative than the bureaucrats roaming Capitol Hill, so I’d instead propose the more sincere moniker Federal United Coronavirus Kleptocracy.
Back to matters back here on Earth: there were two bouts of silliness in the ES yesterday that we need to burn off. The first was the explosive move higher (green tint) based on the fact that millions of people have been thrown out of work. What could be better, right? The second, even stupider, was the 50 point pop based on some bizarre technicality at the futures exchange having to do with market balance before market close. I don’t understand it, but it pisses me off, because it prevented me from added 9 more shorts to my already 30-position all-short portfolio.
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