Given this very long-term relationship of XME and GDX, it seems highly probably that XME will be much lower a year from now than it is presently.
XME for the Long Haul
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.
One Leads the Other
As long as USO doesn’t exceed 67.33, I think oil is going to slip beneath this right triangle pattern. Crude oil, in general, I believe is going to have a weak 2023.
Don’t Forget IYR
Let’s face it, the market might be a snooze-fest until Thursday morning, so let’s trot out at old favorite ETF, which is IYR, the real estate fund. This hit a major bottom on October 13th (of course) when it tagged its Fibonacci retracement level, and it recovered almost all the way up to the next Fib higher. Since then, it is meandering, but I’ve gone ahead and acquired some March $88 puts on this sucker.
Bang! Bang! Powell! Powell!
Everyone was on the edge of their seats for the Powell speech, and it turns out to be a complete nothing-burger, as is so often the case. He basically wanted to get across they are apolitical and are fighting inflation. Yep. 23,000 employees (I am serious) under the Federal Reserve to do just that. Anyway, as of now (pre-market) there is a modest sigh of relief going on, as the negative numbers on futures get smaller.
