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.
Let’s catch up on some of the major exchange traded funds that cover US markets. The first one, the “diamonds”, has been following a descending channel for about a year and a half. We are near the highest reaches of that channel, so fortune favors the bears. It took a mere 2.5 weeks to traverse from the bottom to the top.
We begin with gold, which barely cracked a huge supporting trendline, only to do a marvelous head fake and blast over $50/ounce higher on Friday. Take note the gap it is approaching is important resistance.
I normally have an extraordinarily relaxed trading environment, with lots of computers, even more monitors, my dogs, my chai at hand, and all the comforts of home. Managing Slope and my trading in the midst of air travel (with driving, parking, luggage, airport security, lame WiFi, relatively cramped quarters) sucks out loud. I make a point of traveling first class, not because it’s particularly nice, but because it at least makes the travel crappy instead of shitty. All the same, it’s super hard to feel the rhythm of the markets while dealing with all this nonsense.
Now that I’m here in a gym at Penn State, even with all the screaming going on around me, I can calmly reflected on what I see, which is why I wanted to share a few thoughts about what took place over the week.
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