While equities are soaring, the safe havens of precious metals are having a lousy time of it. Gold has been falling since two Sundays ago.
Precious Pounded
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.
Cathie’s Revenge?
As much crap as I’ve given Cathie D. Wood over the years, I’ve got to say that her ARKK fund has really turned the corner. As you examine the ratio chart of ARKK to QQQ, you can see how ARKK has hammered out a very impressive base and looks like it could potentially execute a powerful breakout. This could represent as important a bullish event for Ms. Wood in contrast with the bearish top (pink zone) which presaged the relative wipeout of ARKK compared to tech stocks in general.
Semiconductors Shattered
Seventy-eight days have passed since the April 7th low. Since that time, life for the bears has gone from Awesome to Unbearable (so to speak). This became even more unbearable-er as the semiconductor fund SMH stopped dicking around with its trendline and made the leap higher.
The Green Mile
This morning is relatively calm compared to twenty-four hours ago. The big event yesterday was the plunge in crude oil prices whose drop was slightly augmented on the news of an Israel/Iran ceasefire (which, evidently, didn’t even make it through one night). As of crude is down again about another 3%, as it tries to find stability in the mid-60s (HALF the amount the JP Morgan ninnies were screeching about just a few days ago).
Candidate Low on Crypto
In my post on Tuesday 17th June I was looking at an inflection point on Crypto that might break down, and gave targets for that move. That setup started breaking down on Friday and two out of three of those downside target areas, on Bitcoin (BTCUSD) and Ethereum (ETHUSD) were reached over the weekend.
The target that has not been reached was on Solana (SOLUSD) but there is a decent case for all three making a significant low at the weekend lows.
Back in my post on Monday 12th May I was laying out a scenario where possible large large IHS patterns were forming on Solana and Ethereum and I gave the ideal right shoulder targets at 125.43 on Solana and 2135.28 on Ethereum. The weekend lows were at 126.09 and 2113.65 respectively.
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