Last night, I was doing what I always do when I’m out of projects, which is that I roamed Slope, polishing things up here, tidying up things over there, and basically making this 19-year old creation a little nicer for you each day. Something occurred to me in doing so: there is SO MUCH here, and, frankly, it is SO good. To me, it’s bewildering that Slope isn’t a hundred times more popular than it is. I mean, honestly, this isn’t just a proud papa talking: this is SUCH a great site. I bet you aren’t even aware of 70% of the stuff in here, because it’s so easy just to hang out and chew the fat with other traders, but honest to God, the fact Slope isn’t the home page for every trader is a travesty.
The point is driven home for me when I visit other sites that I considered, at one time or another, rivals. I won’t name names (or give URLs), but I visited a couple last night, and they are utter crap. Not only has the feature set not changed for years, but there are SLATHERED with advertisements, which is totally annoying and intrusive. As some of you know, I have fought back the temptation to have ads, since I don’t want my beloved Slope sullied with crass, annoying garbage. Would you really like to have to constantly be closing pop-up ads? Yeah, I didn’t think so. So maybe throw in a few bucks.
Meh, don’t worry, TIm. If an honest-to-God bear market starts, your problem isn’t going to be why the place isn’t more popular. Your place is going to be having the servers keep up with the traffic.
Having said all that, and having woken up, as I always do, at 5 a.m. to serve you people, let me share a thought or two about my favorite color on the quote screen. If you’ll take note of the chart below, you will see that Amazing Post-Debt Ceiling rally the genius bulls were so turgid about came and went instantly on Sunday. Since then, we’ve been grinding down nicely, particularly after they tried furtively yesterday morning to get the rally cooking again.
Here’s my one and only problem with the selling: where’s it coming from? In other words, is my screen full of red quotes because:
- There’s genuine concern about the bill not passing the House today, or
- It’s starting to dawn on people how completely and utterly screwed they are, and this stupid political theatre has been a meaningless distraction.
If it’s #1, then I remain concerned, because we stand the risk of the D.C. idiots passing this thing and the Wall Street idiots rallying the market. Yuck, right? If it’s #2, then great. Because there’s nothing but doom ahead, and we can just forget about this debt ceiling thing until January 2025 (assuming the entire nation hasn’t burned down to the ground).
I am particularly excited about the NASDAQ. Just look at this thing. Does this looked like it’s about to rally to you? Or maybe completely slide down the ice-covered crevice? What STUNS me about the NQ is that, by chance, I glanced at MSFT yesterday and was flabbergasted to see it is at the cusp of lifetime highs.
So this nearly forty year old company, with its lumbering revenue growth and pint-sized profit increases each year, still has a P/E of 36. THIRTY-SIX! That’s the kind of p/e that used to be reserved for biotech firms that announced a cure for cancer, NOT the equivalent of a public utility company. Jesus!
What I am most excited about is crude oil, because we’re down another 3% this morning, and the weekly bar so far (below) is pushing us ever closer to what would be a cataclysmic support failure.
I’ll close with the stock that has caused most blood to flow from the brain to the nether regions in human history, which is Nvidia. I offered this tweet yesterday:
Here is the pre-market trading. It seems a foregone conclusion that I’m going to get my wish, provided it stays beneath the aforementioned level all day.
Let’s go get ’em. Just remember: bulls are the anti-Christ, and Slope is your salvation.
