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.

Eye on Apple (Mike Paulenoff)

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We could make the case that today Apple (AAPL) broke down from a 4-month top formation when it sliced beneath 328.00-326.00 support (now resistance). As long as AAPL continues to consolidate below 326-328, the bears will remain in directional control.

The next significant support plateau within Apple's powerful 2009-2011 uptrend is 307.50, which is the coordinate of the rising 200-day moving average. That said, however, the price structure today is probing its lower Bollinger Band line at 323.70. If AAPL weakness persists right into its earnings release Wednesday after the close, and AAPL presses about 1.5% to 2.0% beneath the lower BBnd line, then the intraday target window for AAPL during the next 48 hours likely will be in the 318.00-315.00 (again, prior to Wed's earnings).

Conversely, to get any traction on the upside — and to trigger signals that a significant near-term low has been established — AAPL must hurdle and sustain above 330-332.50.

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Originally published on MPTrader.com.

Chart on FCX (by Mike Paulenoff)

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After ending its upleg from a major corrective low at 46.20 (Mar 10) to its 58.75 high (Apr 8), Freeport McMoRan Copper & Gold (FCX) has relinquished 50-55% of its prior upleg gains, which is the area to look to re-establish long positions within a larger, still-intact bull trend.

My near- and intermediate-term work argues that unless and until FCX violates the 46.20 low, the larger, dominant trend remains bullish, and acute weakness should be used as a buying opportunity. I think the recent (current) plunge in FCX from 58.71 to 52.01 (-11.5%) provides such an opportunity — between 53.00 and 51.00.

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Originally published on MPTrader.com.