Slope of Hope Blog Posts

This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.

Oil Nears Potential Turning Zone (by MoneyMiser21)

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The mighty weight of Slope’s bear power has been fully focused in oil as of late, as our beloved and hard working leader called a top on the black gold with accuracy that Dennis Gartman would pay for in U.S. dollar terms. (editor’s note: I’m touched!)

But is it time to pause or reverse? A bit of price and time analysis on the daily chart reveals a potential zone of trouble for bears.

First, let’s look at price.

When the front month contract switched to September on Tuesday evening, price gapped lower on the continuous chart to the top of the zone predicted by prior swing retracements in price amount during this bull market.

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Crude Failed Breakout

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Ironically, probably my best call of the entire year was the one I kept being so embarrassed about: declaring that the crude oil gap at $73.25 would be the peak of a staggering, multi-hundred percent increase in energy over a period greater than two years. Yet that is almost precisely where it flipped around, getting as high as 72.83. Since then, KABOOM, oil has been vomiting all over itself. As it melts past that magenta area I’ve tinted, we have a failed bullish breakout, plain as day.

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Gas Money

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Sheesh, what is with this market? Tuesday was awesome for me. Wednesday was absolutely horrible. And now today, Thursday, is going great. Could the market make up its mind? No, I’ll go one better. Have the market go down 2% daily, every day, until it is 0. That’ll suit me nicely. This up/down/up/down stuff is driving both the good guys (the bears) and the wicked evildoers (the bulls) out of their respective minds. It’s sick.

Anyway. I wanted to share a couple of unrelated short ideas (tied together by my clever post title). The first is the financial sector, XLF, which gapped down nicely where that circle is shown. This sector peaked back on January 29th, and its gap is at 27.72. I have so many bank stocks in my portfolio already, it would be redundant for me to short this one too, but it’s a cool chart.

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