Ever since last week, the market has been slicing the heads off bears left and right, with the Dow up thousands of points and the ES up about three hundred .It’s been unrelenting.
Looming Ceilings
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.
Holiday Rally Setup
SPX closed below the main SPX support/resistance trendline at the end of last week. This trendline has broken twice since 2009, and both times SPX followed through hard. In 2011 SPX broke very hard through it and never broke back over it until until 2020. In 2020 SPX broke over it, then closed the next week back below, and then didn’t close back below it again until last week. This is too limited a sample to extrapolate much from but there is precedent for failing to confirm the break the following week and then following through the break and so the likely weekly close back above today has precedent from 2020 and is not an obviously bullish development.
(more…)The Main Event!
I am delighted to announce a new feature in SlopeCharts that I dreamed up a few days ago; Custom Events.
This feature allows you to add a marker to any part of a chart with a note in it. The note might pertain to the stock (“Elon Musk announces intention to buy Twitter“) or earnings (“Big earnings disappointment“) or news (“Hurricanes shut down refineries and push up energy prices“) or anything you like (“Bought my first 50 shares on this day.”) You can make any note about anything you chart on any particular date, and it will be remembered for your later reference.
To add a custom event, just right-click on the chart on whatever date is appropriate for your note, and choose this from the pop-up menu:
Total Lack of Energy
The title of this post doesn’t refer to the lack of volume in the market. It has to do with the fact that I’ve scurried away from my energy shorts over the course of the past few days. It used to be the most dominant sector in my portfolio. Now it doesn’t even exist. The main reason is, not to put too fine a point on it, that energy simply Kept Going Higher. For one thing, oil itself basically goes up every day now, and it completed this clean breakout on Thursday:
The CRAMER Effect
Gartman seriously has nothing on this guy.
