I was saying on Wednesday that the decent looking bullish setup was still there, but in the light of the Fed Chairman’s candid comments about future policy over the last few days a significant drive higher was looking improbable. I was looking for a test of weekly pivot at 4007 and then a fail there if we were going to see the bull scenario fail. SPX made it back to 4017 and failed hard, so the bull scenario, while not quite entirely dead, is now looking increasingly unlikely.
(more…)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.
Krazy!
I hardly ever buy anything, but I’m a contrarian at heart, so I just took on a long position on this beast. It’s my only long. I paid $2.96. Let’s see what happens. It’s a pretty big position, since I’m feeling saucy.
Cramer Nails the Banks. Booyah!
Auntie Climax
Well, my friends, I have nothing to do. I have $233 left in buying power, since I was absolutely 100% fully invested yesterday. I’ll shun my normal predilection for midget porn and focus on you instead. Don’t take it personally. There is no equivalency.
Before the market opened, the /ES seemed ready for a bounce. The jobs report came out, and bounce it did! Every single quote on the was bright green. As you can see, the entire escapade lasting about as long as a 17 year old having a supremely successful prom night.
SVB Demolition
Don’t expect any examination of the jobs numbers and its effects in this post. Oddly, I am deliberately doing this one a few minutes BEFORE the big news, and I suspect I’ll do my first real post-jobs post either just before the opening bell or well after it. For chatter and reaction to the event please, as always, go to where all the cool kids hang out, which is the live discussion forum of SlopeTalk.
I simply wanted to take a moment to, with a jaw utterly slack, recognize the demolition of Silicon Valley Bank, which until 14 months ago was one of the greatest common stocks on the planet. This thing is in Lehman-ville at this point, due to a total collapse in confidence.
