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.

Chart on GLD (Mike Paulenoff)

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Amidst the carnage, gold is acting well — like gold should act. Every day, sometimes multiple times each day, investors get blindsided by negative news that clobbers stocks, but not gold, which appears to be under accumulation during every bout of weakness.

Today's low in the SPDR Gold Trust (NYSE: GLD) represents a 50% retracement of the prior upleg, and which provided a pivot low at 117.00 into a $2 advance to 119.00. Let's notice that important May-June resistance resides at 119.70, which if (or when) hurdled should trigger upside acceleration towards 122.00.
Only a break below 117 will compromise the strengthening pattern.

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Originally published on MPTrader.com.

Chart on EWG (Mike Paulenoff)

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My near- and intermediate-term pattern and momentum work in the iShares German Index Fund ETF (NYSE: EWG) argues that all of the action from the Oct '09 high at 23.40 into last Tuesday's low at 17.97 represents a completed corrective period in that aftermath of the Mar '09 to Oct '09 advance. Let's keep in mind that current strength comes off of 17.97, which was the 50% support plateau of the entire upleg during 2009, and a sign that the EWG is trading very technically at the moment.

In addition, let's notice that at last week's low at 17.97, daily RSI established a higher low, suggesting strongly that the EWG "bears" were running out of steam. At this juncture, I am expecting the EWG to establish a near-term, base-like formation between 19.50 and 18.60 during the upcoming days prior to a run at 22.00.

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Originally published on MPTrader.com.