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.
Twenty-One
The past few days have provided a much-needed relief rally to the market as a whole. Across a wide span of financial assets, a quick and powerful upsurge has sprung prices from the depths toward what I perceive as vitally-important zones of resistance. These take the form of price gaps, Fibonacci resistance levels, or simple horizontal lines, but in each case it will take very little to complete the trip to these exhaustion zones (or, if you’re inclined to be bullish, the same charts show that it wouldn’t take very much to violate these levels of resistance and put even more wind into the bullish sails).
Below are twenty-one ETFs I believe illustrate this succinctly. I’ll share a few words preceding each chart to summarize why I think it is at a meaningful price juncture.
We start with the commodities fund, which re-penetrated its descending price channel and formed a small rounded top. The war in Gaza pushed oil prices strongly higher, but the price gap caused between Friday and Monday is close to being sealed. Oil is the biggest component of DBC.
(more…)Freeport
I had sort of forgotten this stock existed, but LZ mentioned Freeport McMoRan (FCX), and I found the symbol hiding in my “Miners” watch list. It is sporting what could turn out to be a beautiful diamond reversal pattern. I went ahead and bought $40 puts expiring on January 19th 2024.
Risk-Free U.S.A.!
Bell Curve of Earnings
Here is an interesting way to look at the forthcoming earnings season from my colleagues at tastytrade:
As you can see, it’s basically a bell curve, peaking on November 2nd (with AAPL, as usual, wrapping up the meat of the season). You might want to bookmark this very helpful page on Slope to get a quick gauge on what key earnings are forthcoming as the few weeks ahead heat things up.