Much has been made recently about copper’s decline in value. The fabled “Doc Copper” is supposed to be a harbinger of economic direction. I’m not so sure, but I will say that the continuous contract of the metal is fascinating, particularly because it’s one of the very few instances in which a Fibonacci fanline seems to be instructive about key levels of support and resistance.(more…)
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.
I’d say the thrills about crypto are once again diminishing, and it’s no surprise. The explosion on Bitcoin from $3.5k to $14k is really unraveling.(more…)
Most of you have probably heard about how copper is a good leading indicator of how the economy is going. So much so that it is referred to as “Doctor Copper”. As Investopedia puts it:
The term Doctor Copper is market lingo for the base metal that is reputed to have a Ph.D. in economics because of its ability to predict turning points in the global economy. Because of copper’s widespread applications in most sectors of the economy — from homes and factories to electronics and power generation and transmission — demand for copper is often viewed as a reliable leading indicator of economic health.
I did a post suggesting Bitcoin as a buy when it was about $3800. A few weeks ago, I suggested the price may have peaked due to it hitting a Fibonacci retracement. Well, the “animal spirits” unleashed the past month have been felt most strongly with crypto, and it blew right past it……..to the NEXT Fibonacci level! So I’d like to suggest, once again, maybe we’re peaking. I wouldn’t dare short it, but I think we won’t get past $11,500 or so.(more…)
OK, this feels different.
- I’m excited to see equities up strong;
- I welcome to conciliatory tone of the Chinese, which is creating the fabled trade talk optimism this market needs;
- I am so glad to have lightened up!
In any case, this is true progress, and I want to stress how a “chart-friendly” market definitely goes BOTH ways.(more…)
I hardly ever use Fibonacci retracements on my charts, and Fibonacci arcs even less. For the crude oil continuous contract, however, I use both.(more…)
Alphabet (AKA Google) has had a rough three days, falling each day since its earnings came out on Monday. I noticed something interesting, however. Thursday’s low came precisely at the Fibonacci fan line.(more…)