Originally published on TheTechTrader.com.
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.
Charts of the Day (Harry Boxer)
Originally published on TheTechTrader.com.
Eye on Precious Metal Names (by Paulenoff)
This is shaping up to be a very important and a very interesting day for the precious metals and the mining names. With oil inventories putting pressure on U.S. oil prices in general, it remains to be seen if oil's impact presses other commodity prices lower — in particular, the precious metals.
If the mining issues remain bid, and buoyant today, then we could come to the conclusion that they are following the equity market lead, rather than the weakness in commodities. Right now, my technical work argues in favor of price stability followed by potent recovery rallies in Barrick Gold (ABX) and Silver Wheaton (SLW).
As for the commodities themselves, looking at the daily charts in the precious metal's ETFs from last night's close, a sustained up-day today will indicate that at the very least the corrective leg from the January 3 high at $30.44 in the iShares Silver Trust (SLV) and from the December 7 high at $139.81 in the SPDR Gold Shares (GLD) is over, and that a recovery rally period already is in progress. With that said, it is imperative that Tuesday's lows at $26.03 and $129.07 remain intact and viable.
Originally published on MPTrader.com.
Chart on U.S. Steel (by Mike Paulenoff)
My intermediate-term pattern work in U.S. Steel (X) argues strongly that last week's low at 51.33 ended the correction off of the January 3 high at 61.18. If proven accurate, that means the price structure held the top of its 8-month rounded base-like accumulation pattern ahead of another powerful upleg.
Notwithstanding the intense volatility exhibited by X on a regular basis, my near-term work also indicates that the upmove off of last week's low at 51.33 exhibits the requisite form indigenous to the start of a new upleg.
With the foregoing in mind, I will remain long X unless and until 51.33 is violated, otherwise looking for a new upleg that propels prices to new post-July highs above 61.18 towards 65.00.
Originally published on MPTrader.com.
Pick of the Day – ORCL (by TraderHR)
Oracle Corp. (ORCL), which has been up nearly 50% in less than six months, showed strength again Thursday despite the correction in Nasdaq. ORCL jumped 70 cents, or 2.23%, on one of the heaviest-volume sessions in the last couple of months and closed at 32.31, just 4 cents below the highest price since 2001.
I expect continuation of current momentum and a possible test of the upper trend line around 33.80 area in the next couple of trading days. Preferred entry (buy stop) price is at 32.55, with a stop loss at 31.65.
Originally published on TraderHR.com.
