Well on top of having the worst day in the markets since last August, traders woke up to face the news of the biggest earthquake in Japanese history. Throw on top of that some news about China’s inflation rate exceeding expectations, and new Portugal austerity measures (totally unrealistic) and it looked like it was going to be an emotional start to the trading day (read my pre-market blog).
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.
Dr. Copper Told Us Again! (By Leaf_West)
How is Dr. Copper Feeling? (by Leaf_West)
I have blogged in the past about how useful Copper is as an indicator of global economic health … it will often give us good signals in front of equity market pivot points/swing areas.
Read some of those blogs here …
FCX/Copper … What is the Right Message?
Below is the daily chart from the Copper ETN (JJC) …
The chart is telling us an interesting story right now …. as discussed in a blog identified above, Copper hit its 61.8% Fibonnaci target for Wave 5 when it moved into the $61.60ish area.
Well since I wrote that article, Copper made a retest of that high and "failed" … price moved back to the 20EMA ($59.68) which is also right at the Wave 3 top of $59.6399 made on January 3, 2011.
I have called this level the "line in the sand" … if price breaks this level and stays under it on a closing basis for a couple of days, I would use that as your WARNING that equity markets are going to top here soon.
Keep you eyes on Dr. Copper!!!
The Support/Resistance Dance (by Leaf_West)
In my daily trading I generally watch how a stock trades versus expected support/resistance areas as I am deciding when/where to enter a stock long or short. If you hawk a stock closely enough, it is surprising how these actions repeat themselves ….
Generally, when a stock pushes through a resistance area (such as a prior day's HOD, or a pivot price) one of 5 things will happen:
Friday Recap (with Leaf West)
I thought it would be interesting to once a week review a sector ETF or a common stock that is not the SPY ETF. Other than trying to keep these reviews from being “the same”, I think this is a pretty good idea. Firstly, many readers may not have looked at the stock or sector ETF in a while, so it could actually create some trading ideas. And secondly, I think by using a non-SPY example, I can illustrate the fact that the set-ups and concepts that aid you in trading the SPY are the same ones that will help you trade any stock/ETF you wish.
