One of the few interesting earnings reports this afternoon is going to be Splunk (SPLK), against which I have some September 16th $120 puts.
Will Splunk Go Thunk?
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.
Stagecoach
The banking giant Wells Fargo hasn’t been on my radar for eons, but when I saw this headline……..
I obviously wanted to check it out – – because a Cramer recommendation is pretty much money in the bank.
(more…)The Opposition
As much fun as I’ve been having in 2022, I’m reluctant to dare mention bullish prospects, but I’ll choke back the tears and offer the possibility that the market – – – for reasons I cannot possibly fathom – – – be in a position for a hearty counter-trend rally. I will be clear that there isn’t a doubt in my mind this is an honest-to-God, multi-year bear market, but bounces come with the territory, so we have to bear with them, as it were.
What has me the most worried are the Fibonacci retracements. I see them on IWM, SPY, and QQQ, and we’ll use that third one as an example for our purposes. Simply stated, we have been hammering out support in recent days and are poised for a rally approaching 10%.
The Water’s Fine
Here’s a company with a ticker symbol that makes it crystal clear what they do – – POOL – – and they do – – pool-related products! (Unlike, let’s say, Splunk, which I did a post about yesterday, and “turns data into doing“, whatever the hell that means). Anyway, I shorted a whole buncha this at 402.30 with a stop at 418 a couple of days ago, and it’s doing well so far. It’s got plenty of room before it gets to support.
Steady Freddy
Quite the grind, isn’t it? For the past couple of weeks, the stock market has been duking it out, between the bulls and bears, and no one seems particularly in control. On the /ES, for example, you can see how the bulls tried, for the umpteenth time, to break us above resistance, and they couldn’t even muster the failed breakout zone from the day prior. It all feels very range-bound, as rationality (the bears) keeps contending with the Fed. I would remind you, incidentally, they haven’t even started the first PENNY of quantitative tightening, and we’re already down this hard.
