In the unlikely event you don’t believe this market is godawful stuck look no further than the volatility and IV rank information for the SPY. This whole “debt ceiling” thing is going to come and go like it never happened.
Data Doldrums
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.
Compression and NDX Patterns
SPX has been trading in a range and moving back and forth through the daily middle band, with strong established support in the 4100 area, but unable to convert it to convincing support or resistance.
SPX daily BBs chart:
Gap ‘n’ Vermin
Here are two unrelated items in this ridiculous market of ours, just to while the time away. The first is Akamai, which may be presenting an enticing shorting opportunity by virtue of its powerful rally in recent weeks coupled with its gap closure.
Small Fantasy
It was fascinating and interesting to listen to the Senate hearings yesterday of the failed bank CEOs from the likes of Silicon Valley Bank and Signature Bank of New York. I’m still making my way through it, because it goes on for yours, but it’s quite captivating once you get past the fact that these Senators cannot help but talk about themselves in the course of their grandstanding.
One thing that struck me is that it provided a rare opportunity to see what kind of self-delusional, slimy horse-crap goes on in corporate America while the companies are simultaneously projecting how sugar-sweet everything is. It’s a lie, a farce, and a deception, and the difference is that these rodeo clowns happened to have gotten caught.
I’m sure it’s like that, from Apple on down, and thus I’d like to indulge in a quick little fantasy based on the magnificently well-formed head & shoulders pattern on the Russell 2000 stock index futures. I know that in this fake, government-controlled “market” we’ve had since 2008 it’s hard to imagine something actually going down, but here is my fondest hope and speculation:
(more…)The Crucible
I’m going to wrap up the day with a series of charts which are the ones I’d present if someone asked me to show them the ETFs which suggest most strongly that asset deflation is on the way (Note: I wound up with 7 charts by the time I got to the letter “I”, and I think that’s enough). I’ll let the charts speak for themselves, and I’ll see you in the morning before the sun’s up.
