As God intended……….down 75% in a matter of hours.
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.
The Meaningless Blip
Last night, we had about 100 seconds of bearish excitement in the form of a war rumor that was almost immediately undone. Since then, as usual, it’s been green, green, green, and we’re UP across the board with equity futures.
So Far, So Good in The Strait
I’ve written well over two thousand posts over the last sixteen years, and this will be the first that doesn’t include any charts that I drew myself. That feels a bit strange but I’m writing this post to draw everyone’s attention to what is really important about this Iran War.
The war itself is largely irrelevant. Whether the US, Israel or Iran are bombing, or blockading, or blustering doesn’t really matter. All that is really important on the bigger picture are the Strait of Hormuz and, to a slightly lesser extent, the Bab al-Mandab Strait, the two key chokepoints for world trade routes in the Middle East:
Laissez les Bons Temps Rouler
Yesterday evening, the market had a micro-crash based on rumors that Iran was getting bombed (of all places!) Those rumors were quickly dismissed, and the market had a shaky recovery all night long.
As of half an hour before the opening bell, equities are bruised but no longer battered. When the Bible speaks of wars and rumors of wars, this is probably the chart it has in mind.
Dilated Pupils
