Gold (shown below with /GC futures) is in a massive symmetric triangle pattern. It won’t be long until it resolves one way (bullish breakout) or the other (limps below the lower line and continues to suck).
Awaiting Resolution
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.
Crypto Update
I’ve mentioned a few times about “Bitcoin at about 40k” and “Ethereum at about 3k” with respect to the so-called Animal Spirits exhausting themselves and reversing. Well, Bitcoin has exceeded this figure significantly enough to dispatch with the entire motion of a head and shoulders reversal. I still think it’s in a bear market (the downtrend has been in place for months, and the lower lows/lower highs is absolutely in place), but a hearty reversal around $40k simply isn’t going to take place.
Meta Stock
As you probably know, Facebook (symbol FB) suffered the worst dollar loss of any equity in human history last week. In a matter of seconds, a quarter trillion dollars of shareholder valued disappeared into precisely the same source of today’s money – – – into thin air. I have less than zero interest in owning Facebook, but I at least wanted to point out it is very near its lifetime trendline.
The IHS Threat
Good morning, everyone, and welcome to a new week. I wanted this post to be about a specific threat I see to the handful of equity bears left on the planet. It is a threat which has existed before, and was quashed, but worrywart that I am, I wanted to review it. It is the prospect of a bullish inverted head & shoulders breakout on the /RTY small caps (which, if successful, would be of aid in lifting the entire market up). Here is the recent price activity, which is fairly meaningless in the short-term. We’re basically at exactly the same level we were at the close of the cash market on Friday.
