Get Yer Jingdong On
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.
King of the Midlines
Let’s take a look at the biggest, oldest, and most important ETF on the planet: the SPY. In particular, there is an ascending channel on the SPY that goes back a full sixteen years (!!!) whose midline is, I believe, quite potent.
Over the course of 2024, the SPY has spent the majority of its time beneath the midline, with a couple of brief exceptions (in the ovals). The relationship of the SPY to the midline is more in the form of resistance, as I’ve emphasized with the arrows below.
Zoomed in this close, one cannot appreciate the longevity of the channel and its midline, but I believe these otherwise invisible levels have power.
Amazon Triangle
It’s a pretty dull day so far. We’re well more than an hour into the session, and all the main equity futures are green, ranging from just 0.13% on the /ES to a full 1% on the /RTY. I am maintaining a high cash level of over 40%. I did, however, purchase some January $190 puts on AMZN, with the dashed red line as my stop:
Warm PP
Yesterday’s scheduled news was the CPI, and this morning we got the PPI (Producer Price Index). As with yesterday, it came in hotter than expected, dashing hopes on any bold rate cuts next Wednesday. Of course, considering what happened yesterday, one has to wonder if any of this matters, but more on that in a moment.
Centering Ourselves
