Homebuilders at Channel Top
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.
ETF Focus: Real Estate
Real estate and homebuilding stock have been remarkably strong lately. The very long-term patterns suggest that prices are very elevated right now, but in the short term, they have been astonishingly robust, with the home construction fund ITB at record highs.
ETF Focus: Countertrend
Below are five exchange traded funds which, unlike those I’m including in my “Hercules” post this weekend, seem to be at the cusp of resuming their downtrends, now that the “Jensen Huang says things are good” mega-rally is over. We have the emerging markets:
Finally, Friday
The first four days of this week were the exact opposite of the four-day trading week that preceded it. If I may speak eloquently on the subject, this completely sucks for a swing trader like myself, because virtually all the good done last week was neutralized. It would be nice to get a down move that lasted more than, oh, let’s say, a couple of days.
I’ve plucked out some ETF charts below that illustrate something rather consistent: (a) a recent peak (b) last week’s drop (c) this week’s recovery (d) the present price position just underneath a small zone of overhead supply, which is what constitutes resistance. We start with global equities:
Monday Fund-days
Today, the 9th of September 2024, went precisely as I hoped, which is to say the market was up across the board. By lightening up on Friday, I avoided taking as much heat on my shorts, and by waiting for a big bounce, I was able to re-enter more shorts at better prices.
One good example is EFA, against which I owned November puts that I sold at a good profit on Friday. I re-entered this position today by way of January 2024 $82 puts, and ideally prices will not push above the dashed red line I’ve drawn.
