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.
Two of my big victories today are in the form of banks. I’ve sold 25% of the puts just because the profits are so outsized and I want to take some off the table. These were brand new positions yesterday, and they both threw off 150% gains overnight. Dumb luck, but I’ll cheerfully take it.
One of my largest positions is Ally Financial (symbol ALLY) which I was hoping would repeat its Covid wipeout. So far, so good! Puts are up 60% so far, and I’m hanging on to these suckers.
Below is one of those super-tall infographics which are always pretty interesting. Let’s just say the topic at hand is related to this………
Preface to this post: Due to a fairly busy schedule on Friday, I am composing this prior to the opening bell. Thus, the charts are accurate through end-of-day Thursday, but the general points remain the same.
One of the less-known index charts I look at is symbol $DJUSFN, the Dow Jones US Financial Index. Here is a recent daily chart, which shows Thursday’s explosive rally achieving nothing more than almost perfecting sealing the price gap from last week.
I see my IYR puts are now up 666% from where I dumped them. How fitting. Well, they expire in eight days, so at least I’ll shut up about them soon.
I’m not happy – – not happy in the least – – with the lack of follow-through with this morning’s sell-off. We were down nearly 80, and as I type these words, we’re down mere 29 points. I have done almost no trading, with the exception of dumping my FDX position at a loss. I’m in wait-and-see mode right now, still sitting on 10% cash.
As a side note, financials still have very good-looking topping patterns, such as American Express (below). But I really want to see some follow-through, since we got to 3502 early (remember my 3500 target for the year??) and then started strengthening.
