The bear market won’t be fully kicking in until the society as a whole is completely pissed off at rich people. That hasn’t happened yet. Because, see, if it had, you would NOT be seeing this kind of nonsense.
Painless
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.
A Schtickle of a USD Breakout (by LZ)
The U.S. Dollar Index is pulling back today, but this is largely a Euro-driven move. One currency that isn’t joining is the Korean won. This might be nothing, but it’s worth keeping an eye on.
The won is highly sensitive to China and global trade. A bullish divergence in USDKRW would be significant. History is admittedly limited, but breaks above the green horizontal in the 1330 area have only occurred during explosive bull runs.
Also, the resistance line breached today was last broken to the upside in August 2022.
Buzzsaw
If you want a vivid illustration how quickly a fad and burst onto the scene and vanish just as quickly, look no farther than Buzzfeed, which merely four weeks ago was the hottest thing in pants. Based on a press release that they were going to use ChatGPT to help write stories (!!!!!!!!) the stock absolutely exploded higher, trading over a quarter billion shares that day alone. Well, some of those gains survived, but the volume is back to where it used to be………maybe a couple millions shares a day. I strongly suspect on the one year anniversary of this announcement, we’ll look back on this as a complete joke.
Baby Got Back
After a very quick trip to Boston over the weekend, I’m back where I belong. The markets aren’t exactly riveting this morning: on the whole, equity futures are up about half a percent, based on the spurious notion that stocks are “cheap” since they sold off a little last week. To my eyes, these are mere delusions, and the only thing that really counts is our friend the October 13th trendline shown on this chart of the S&P 500 /ES futures. We have broken this line, and the bounce right now is nothing more than an attempt to reclaim that line as support instead of its new role as resistance.
