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.

Got Milk?

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I’m noticing a handful of the stocks in my “Recent” watch list are showing signs of life, such as electric car maker Rivian. One I wanted to mention specifically is Oatly which makes, of all things, oat-based milk. This stock has been a dog practically since Day One of its IPO, but it has recently formed a higher low and has also broken above its lifetime downtrend. Anecdotally, I can tell you that as a multiple-day-each-week shopper at various Whole Foods, I’ve never seen anyone buy a Beyond Meat (BYND) product in my life, but as for Oatly products, they can hardly ever keep it in stock.

The Evolving Markets

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SPX didn’t retest the retracement low on Tuesday and that blew the best chance to do that in the next few days. The stats for today through Tuesday lean modestly bullish, and fairly strongly bullish on Wednesday and Thursday. This doesn’t mean that SPX has to close higher on all or indeed any of those days, but it does mean that the bulls have the wind at their backs on those days rather than trying to advance against it. The next day with a significantly bearish lean is July opex on Friday 15th July.

In the short term SPX gapped over the daily middle band yesterday and that was the first serious short term resistance. If we are to see a retest of the retracement low in the next few days, which is still possible, then the clearest indication for that would be a daily rejection candle today that rolled back yesterday’s candle entirely and delivered a clear close back below the daily middle band, which closed yesterday at 3630.

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Unglued

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It’s very early (like, oh 4 a.m.) and I’m deliberately not even looking at the futures markets. I haven’t done so since yesterday. After The Director texted me that Abe had been shot (and, subsequently, he died) we puzzled over the fact that the Japanese Yen suddenly was soaring (????) and equities were down. I mean, it’s a sad thing, obviously, but why the death of an ex-PM would cause such gyrations in futures is beyond me. It extends to crypto, too, which yet again was repelled from daring to break out.

Once the jobs report has been out and the market has had some time to absorb the news, I’ll do a new post (and, will by that time, permit myself to look at the markets).