That we are even having this conversation is proof that we are and have been in…
…Wonderland for years now.
(more…)Fed Rules Out YCC (for now)
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.
An Update on the Silver Bull
Now, I have not gone raving silver bug on you. The title says “silver bull” because that is what silver is in, a bull market by definition of having taken out the 2016 high of 21.23. We targeted that point as a cyclical bull market gateway, silver cut through it like a knife through warm butter… and there you have it. A key higher high. I don’t apologize for any of the above. It is fact.
So let’s catch up on Gold’s wild little bro as it hangs tough below the NFTRH ultimate cyclical bull target, which has been the 24-26 long-term resistance zone (per the 3rd chart below). Silver made a violent hit and recoiled, but…
Bananas For All! Keep Dancing
The Opening Notes segment of this week’s Notes From the Rabbit Hole, NFTRH 614…
Keep Dancing (while the music plays)
FOMC came, FOMC delivered what we knew they would, FOMC left and the machines drove the markets down and up for a couple days, leaving the situation largely as it had been. NDX near its highs, SPX holding the support of its EMA 20 and DJIA thus far successfully testing its moving average convergence (SMA 50 & 200).
As a bonus, Tech leadership (NDX/SPX) remained fully intact and the Semi sector may actually be firming again vs. Tech (SOX/NDX). In other words, it was another week of worry and angst outside of the markets (as the virus rages and the economy tanks) but stock prices only care about what monetary and fiscal authorities are doing to the money, the real funny munny.
(more…)Gold Miners Still Pushing That Cart of Rocks Uphill
Our hard working miner here (we’ll call him Huey) has been pushing his cart of rocks, first gently downhill from 2016 to 2018 and then uphill to a bull market since May 2019.
As tracked in NFTRH, in 2019 the macro backdrop became positive for the gold stock sector as gold entered a bull market by taking out the 1378 level and its ratios to stock markets began to rise. Gold/SPX is among the most important macro indicators to a bullish gold mining case as a gold price rising in terms of stocks is the key factor in drawing larger investment (e.g. institutions) to the sector.
Silver Bull Gateway at Hand
We’ve been micro-managing silver lately in NFTRH and NFTRH+ updates and that is for a reason. The reason is that gold’s wild little bro has been rallying – in what is turning out to be 5 clear waves – since the March crash.
When that crash reversed, my view, and hence the NFTRH view was that it was likely to have been a horrifying shakeout of the silver bulls that due to its violence may well have sparked a bull market of some kind on the flush. We noted in real time that silver and precious metals mining stocks often make dramatic crash lows immediately preceding significant new rallies or bull markets. Silver was in an uptrend before the crash and that was a significant factor to a bullish view, post-crash.
Here is the daily chart we used in yesterday’s subscriber update showing that silver was taking out a resistance point we’ve noted was not formidable (boy, it sure wasn’t).
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