I’ve been tilting at this windmill recently, and I think I finally got it right.
Here’s what the chart looks like, having been repelled by the broken trendline. Keep in mind, this stock P/E of 223.
(more…)Tesla Finally Works Out
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.
White With Fear
Well, the that’s-so-2005 Facebook is clearly an utterly broken stock. After its 50% plunge in value, it went through the preposterous counter-trend rally of March 15-29 and now is succumbing to reality once again. I would not be shocked if this was a double-digit stock in a year.
Equity Futures Fissures
Wow, what a nice morning! And what an incredible contrast to a week ago, when all but three bears on planet earth had been massacred. Before the market opening this morning, I was wondering if the sell-off was done for now, since futures were briefly refusing to break support (see the NASDAQ below, in the portion I’ve highlighted). The market opened, it started to recovery, and then……..barf-o-matic:
If it Walks Like a Bear…
It seems that wherever I read, whether here or on twitter, there is no shortage of opinions on where the market is headed next, myself included. But as is usually the case, you have your camp that is eyeing all-time highs and those who are looking for the floor to give out. For myself, I can’t tell where the market will close the week so I’m sure I can’t tell anyone where it will be in months or years though I have my suspicions. It has taken a long time to get a mental handle on staying flexible and trying to “go with the flow” especially when I’m afraid it’s going to reverse every other bar.
As things stand now, using my simple 5-month, 5-week, 5-day trend reader, there is a possibility that the longer-term downtrend is resuming as of Tuesday, April 5th, 2022. The long-term trend for my system is the 20wk moving average. The fact that it is trending down is a significant sign of price failing to challenge the highs over the past 5 months. The 20 DAY moving average is still trending up from the lows meaning that the 20 day trend is in mean reversion to the long-term (20wk/5-mo) trend. The 5-day moving average turned down today.
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