The ETF for retail (symbol XRT) failed its breakout several weeks ago, and it is approaching its price gap. I’d say this is a solid bearish position so long as it does not violate that price gap level.
The Gap Store
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.
Time to Submerge Again
A week ago today, it looked like the world was ending. Right now, people are convinced everything is going to be peachy until the end of time. All the worries are gone, so markets have roared higher. My view is that the retracement I was hoping for has fully transpired, and as just one example, the emerging markets have almost perfectly sealed their gap (and their fate).
Yan Can Short
I have purchased October 27 2024 $27 puts on FXI, the ETF based on the Chinese stock market. I’ve got a stop-loss of 26.26, meaning I’ll exit should it push anywhere above that level.
Tesla Track
It has been a very good week for Tesla (TSLA), which was in the 130s on Monday and the 170s by Friday. In spite of that, I think the pop’s done, based on:
- Long-term downtrend;
- Fibonacci resistance;
- Substantial overhead supply
As a reminder, you can actually tilt drawn objects in SlopeCharts to any angle, as I have done here with the rectangle:
Giant Grinning Bulldog
Good morning, everyone, and happy Friday to you. The final big event of the week just hit, the Core PCE, and it was a total nothingburger. The fake inflation numbers produced and controlled by the government came in precisely as expected (goodness!) which shoes inflation at a hilarious 0.3% monthly. Be sure to think of that next time you go shopping.
