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.
Taking a Big Step Back
Today stunk for me. This chart of the IWM captures the pain nicely:
(As an aside, I’m actually not in any ETFs at all, but I thought the above chart showed the persistence of Tuesday’s lift-off; it’s like the small caps “knew” of Janet’s dovishness before she said a single word).
Victory Lap Cancelled
Well, after an emotionally exhausting day Thursday, I figured we could actually enjoy a normal trading environment for a few days before Yellen on Wednesday. Nope. For no particular reason at all, the ES has roared off the “Draghi Disappointment” lows from yesterday:
This Week’s Bar
Wayback Machine
Although this is bound to cause delight amongst a few folks, the past three weeks have been utter torture for me. There have been many reasons for this, but one of them, of course, has been the brutal counter-trend rally which seems to have strength drawn from another dimension.
Of course, what’s maddening is that it wasn’t a secret that things were badly oversold on February 11th. Indeed, I took the time yesterday to read every post from 2/11 to see what people were saying. I figured everyone would be screaming at me to get out. Nope. Everyone – – both authors of posts (Springheel Jack, for instance) as well as the commenters were all jumping up and down about the next leg down, be it 1750 (conservatively) or the 1500s. So the atmosphere was definitely “bearish now and bearish to stay.” Of course, the oversold state of the market is plain as the nose on my face now:
