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This is obviously a holiday weekend (not as exciting as Juneteenth, but a federal holiday nonetheless), and frankly I don’t have a heck of a lot to say. So I’m just going to do a handful of posts and try to make them good ones. So this is for Saturday…………..
The good news is that things are playing out perfectly. My charts were correct (some monkeying around with anchor points here and there, but on the whole, on the money). The bad news is that my pigheadedness, which more than a few of you have noticed, kept me committed to my puts way too long.
The only thing I did SOMEWHAT right during the week was move 40%+ of my portfolio into cash, which at least didn’t spend its time getting punched repeatedly in the face like my poor puts did! The OTHER not-totally-stupid thing I did was, as always, be in puts that have months of time left on them (average 147 days now; literally nothing before mid-September!).
Remember about four years ago when the hottest sector around was marijuana? (You know it was a big thing, since it was the latest fad James Altucher tried to profit from). Let’s just say pot didn’t turn out to be the biggest thing on the planet. One of the most heavily-traded of them, Aurora Cannabis (ACB) is worth about 1% of its former value.
Last night, Ethereum ($ETH) got literally to the PENNY of its major support level and managed to rally to a smaller loss, thus avoiding a failure. I believe crypto is still very important tow watch as a signal for equities to (finally) weaken again. We haven’t looked at crypto in a long time, but look at the seven alt-coin charts below to get a sense as to the overall degradation in this space: