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.

Five Charts to Watch (by TraderHR)

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Five stocks with strong continuation patterns are Patrick Industries (PATK), Builders FirstSource (BLDR), Louisiana-Pacific Corp. (LPX), Altisource Portfolio Solutions S.A. (ASPS), and XPO Logistics (XPO).

PATK has been in a beautiful rising channel since November of last year that has taken the stock up seven-fold from 2 to over 14. Its surge on Monday of 1.24 to 14.14 took it to the top of its triangular ascending channel, positioning it to break above the resistance line from March.

BLDR similarly has risen since November of last year, in its case three-fold from the 1 1/2 area to Monday's close of 4.35. The stock has been in a sideways channel for the past three months, and its rally of nearly 10% in the last three sessions positions it against its resistance line, poised for a possible breakout.

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Wave Count Pointing Lower (by Avi Gilburt)

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Tonight I am going to go out on a limb and say that I think we will see at least the 1280’s and potentially lower by tomorrow morning. In fact, I would not be surprised to even see the 1230-1245 region by the 19th of the month.

Based upon our current chart, while it is still "possible" that we have bottomed in a green wave ii – which, if you noticed, I took off the chart this evening — I think that it is a much lower probability than as of this afternoon. Rather, if a wave 2 is going to bottom, it would be at a much lower level. Of course, if the market is over the 1321 level by tomorrow, it clearly tells us that we are heading up to 1352, but I don’t think that is the most likely scenario into tomorrow. But, this is the overnight risk I mentioned earlier, and is why I suggested to be hedged tonight if you remained short overnight.

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