The explosive move higher we witnessed from late last week until yesterday was brutal, but it seems that this entire move was simply a recapture of the Fibonacci level at 4528.71:
Annoyingly Sticky
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.
Another Crypto Crook Caught
It’s seriously amazing how many people keep falling for this stuff. I think you can safely assume 100% of anything going on in the crypto space is sketchy, at best.
Fading Arrogance
Over the course of my trading life, I very slowly learned to pay attention to emotional extremes. When, for example, I am feeling arrogant, haughty, and indomitable, I had best closer every single position I’ve got, because I am about to get absolutely fried. Whereas when I am feeling hopeless, idiotic, and a fool, it’s probably a good idea to pour every penny I’ve got into my trading ideas.
In a similar fashion, I’ve watched Jim Cramer’s emotions. I remember in the deepest depths of the financial crisis, he was being interviewed, and he sat with slumped shoulders, hands meekly clasped together between his knees, and he explained, “I would ask anyone I loved to be completely out of equities for years to come.” That was, of course, the exact bottom of the market.
Well, he’s doing the exact opposite now. His arrogance and bravado are off the charts.
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Where’s the Gravy Train? 💰💰💰
I live in the Silicon Valley, which is the center of the universe for venture capital. This VCs dumped ungodly amounts of cash into ridiculous startups during the Covid craze. Mercifully, a bit of sanity has returned, as almost none of these investments panned out (with WeWork being just one of hundreds of examples). The amount of VC cash has crashed by two-thirds lately.
