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.
Further to my post of May 25, the SPX didn’t quite reach its potential R1 target of 3095.86 for the month of May. Rather, it hit a high of 3068.88 by month’s end and was just 24.57 points shy of that level, as shown on the following monthly chart.
However, in my post of May 17, I gave the SPX a 55% chance of moving higher, when its price was 2863.70. Since then, it gained 205.18 points in nine trading days into the end of May.
So, all in all, I’d have to say that the the bulls were a little more than 55% successful in moving this market higher, even though it didn’t quite make its R1 target.
I’ve said it before, and I’ll say it again: I don’t know why on Earth I waste a moment of time or emotional energy looking at the Weekend Wall Street quotes. I bet Elliott Wave is better at forecasting the future than this crap.
I guess I got fixated on it back in the glory days of a few months ago, when it would show the Dow down 1500 points (or whatever) and we could excitedly anticipated the real open. Lately, though, it’s garbage. This weekend, it was down about 50 points, more or less, all weekend. An hour before the open, it was down 17. And then, BLAMMO, the moment the real market opens, it adjusts. Totally, totally stupid.
I have 45 “live” short positions, which I’ve broken into three equal chunks this weekend. As always, click on any image for a big version. I have zoomed in on what I consider the most germane portion of history.