With all of the recent lame earnings reports for banks yielding nothing but surging prices, it’s comforting to see that Morgan Stanley (symbol MS) is actually behaving rationally, down over 4% in the pre-market following its earnings report. Looking at the past decade, you can plainly see how MS is inclined toward major reversal patterns.(more…)
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This is yet another “wow!” moment for me. I present to you below the financials ETF, symbol XLF, with a Fibonacci retracement laid on top. I was quite excited to see the result, which is similar to what we’ve seen with the Russell 2000. The retracement is spot-on!(more…)
For the entirety of 2018, I have been obsessed with the analog between the present year and a decade ago. This has been unfolding absolutely beautifully, and one of the reasons I love this market (four words I haven’t been able to say in a very long time) is how chart-friendly it is and how magnificently the financial stocks are breaking down. I suspect we have a long, long way to enjoy this calamity.
I am having, as you might guess, a good morning thus far. I wanted to note that, regarding financials:
- I sold half my XLF puts this morning for a 70% profit. I absolutely intend to double this position later when I think it is appropriate;
- I covered my XLF short and a smattering of financial stocks.
- I am selectively covering issues here and there, but intend to remain well over 100% committed. Just not as much as before.
The financials have made an important price gap down. The next task is to break October support. Good luck, Slopers.
Well, my gains this morning have COMPLETELY repaired (and then some) the losses following that STUPID dinner over the weekend. At the core of this is my financial shorts. The entire sector was once again turned away at the horizontal. I hope the market keeps sinking this week, since I’ve got some brutal posts waiting in the wings.
Preface to all sector posts: I’m not going to dance around it: I am very short again. I have 99 different short positions and am aggressively positioned for the week ahead. I have gone through all my charts and have broken a portion of them into distinct sectors. Here is the next gallery, and as always, you can click on any thumbnail for a larger image. You can scroll left and right through the gallery.
OK, OK, want something not bearish? Even I am willing to admit banks/financials have had the stuffing beaten out of them and there’s a CHANCE they could find a bounce point around here (only to be followed by a plunge into the sumerian darkness). I covered my XLF at a nice profit earlier today, but I still have individual bank shorts. Here’s the regional bank fund: