I’ve got to say, I am utterly annoyed with so-called “precious” metals. One would think that, at least in part, the forces behind the explosive rise in cryptocurrency values have the same effect on gold. Nope! Bitcoin, shown below, is exploding higher, whereas gold is just sitting around picking its nose. The metaphor is just as repulsive as gold’s lackadaisical behavior.(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.
The ascent of Bitcoin lately has been remarkable. In a mere two months, it has gone up 60%. Remember, this isn’t a company. There are no products, no revenues, no profits. It’s just………..a tradeable thing. In any case, I’ve been impressed at how much sway the Fibonacci retracement has on this beast, and just as I said I liked Bitcoin at $13,000, I’m saying now I don’t like it at $16,000.
I’ll level with ya. I’m bored to freaking tears with this market. Just absolutely stone cold bored. So I’m focused on product development.
But, the show must go on, so here are some important retail charts whose earnings came out pre-market……….Home Depot, as always, just keeps climbing to infinity, as it has done for decades:(more…)
I was talking on Monday about the decent looking setup for a lower high on SPX, and so it proved to be. What next?
Well the rising wedge from the early May low has broken down and almost entirely retraced. There is some possible support here, but the trend down day that ES/SPX has delivered so far today may well see 2800 support broken and the next obvious move back into the 2750 area.
SPX 5min chart:(more…)