For me, although there are always of course bigger picture scenarios developing as well, the best way to view the market in the near term is to see it as a series of inflection points which generally have a more likely looking option for the next move, but can always break either way. My next to last post on Wednesday 29th April was at one such inflection point, within an uptrend move that was exhausted at the high that day, and delivered a solid retracement back to main support at the daily middle band, which then held and from there SPX has rallied almost back to the April rally high.
(more…)Slope of Hope Blog Posts
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.
Uncle Dave
I know I’ve shown this before, but it doesn’t matter. You know how I feel about George. I consider him a genius. Literally a Mozart-level genius. I feel blessed to have lived when he was alive, and I feel even more fortunate to have seen him in person. Bless you, Saint Carlin.
‘Sentiment Event’ Rally Grinds On
Excerpted from this week’s edition of Notes From the Rabbit Hole, the Opening Notes segment of NFTRH 602:
‘Sentiment Event’ Rally Grinds On
As we noted in March while it was happening the sentiment environment became terror-stricken. Not fearful. Not over-bearish. Not even a contrarian extreme. Market sentiment was marked by full frontal terror as indicator after indicator (ref. Sentimentrader’s historic readings week after week) got slammed to epic over-bearish proportions.
Into the breach sprang the Treasury (i.e. taxpayer) backed Federal Reserve to the rescue. As the employment numbers come in at the tragic readings that we all saw coming the bears are out there beating a drum (ah, Twitter) about why it is not right, why the Fed cannot print a bull market, why the stock market is going to make new lows and why you should avoid stocks! They have been saying this since the terror-stricken days of March and they are still saying it now.
(more…)Sharing Your Cone
For those of you who enjoy the oh-so-cool Price Cone feature from SlopeCharts, I’ve got a new feature to announce. It is best expressed through this dialog box:
Rodent Resistance
Even in this up-every-day market (which is particularly galling today, since we had a nice drop at the open and have been screeching higher ever since) I’d like to point out that Disney is mashed up against what I consider intriguing resistance.
