Pardon me for saying that. But I have been writing for the last few days not to short the market and that whipsaw is expected. I wrote that such a strong up-trend will not turn on a dime and it will re-test the highs. So it did yesterday and today. I think it will make one last effort to break the 1378 mark and then roll over. For the bears, the good news is the previous high has not been broken and we are on track for 1-2-3 trend change. By the way, the cycle high was between March 6-9. So tomorrow may be the ultimate fade date.
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 Unthinkable (by BBFinance)
The unthinkable happened today! Apple shares fell over 2%. I am shocked!
What will happen to all the Hedge Funds who are charging their clients 2 and 20s. Almost every hedge fund or any fund for that matter is loaded with Apple stock. If there is a disappointment on Wednesday with the new IPad 3 release, the exit doors may prove to be too small.
News of the day was the reduction of growth forecast from China. Once again, I fail to understand the fascination of the commodity sector with everything Chinese. Don’t they know that every figure that comes out of China is made to order to please the politburo? How can anyone believe any number coming out of China in the 1st place and develop a trading strategy? Anyhow, the prices of copper, gold and silver fell along with equities. Nasdaq was the loss leader with 0.86% loss.
Shake, Shake, Rattle, Rattle But No Roll
That was the story for the week. I think there are hardly any bears left in town. And I forgot how long the major indices have been going up without even a 1% correction. But the fuel tank is empty and the rocket has been going up on vapors as you can see.
Return Of Volatility? (by BBFinance)
It was a volatile last hour in SPX without any clear direction. How would you conclude today’s market action? Was it a retest of yesterday’s high? Do we have a confirmed top yet? One thing for sure, a strong market trend like this one does not die quickly. While SPX closed above 1370, DOW was below that psychological 13000 and Nasdaq below 3000. Today SPX was helped by the banks. Both GS and JPM broke to new highs.
Where we are in terms of sentiment? Per Reuters professional assets managers have the highest equity long exposure in 14 months and retail participation in equity mutual funds are also net positive. Is there anyone left in the game?
Gold Loses Glitter (by BBFinance)
The big news yesterday was the sell-off in gold. GLD dropped from $172 to 168 in less than five minutes.
