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.
After months of grinding, the $NDX (NASDAQ 100 index) has finally sealed up its price gap. Now that it’s done, if the prices can stay below this level, we’ve got a chance of a real sell-off. I’d also point out that China has already thrown the spigots wide open, so hopefully the final money shot has been spewed.
Yesterday, TSLA sealed up its price gap after months of effort, and today the momentum continues as it approaches not one but four resistance objects: three of them being various Fibonacci retracement levels, all clustered tightly together, and the fourth being the descending trendline.
Looks like my long-predicted gap closure for Tesla (TSLA) came true with pennies to spare. This may well be the peak for the balance of 2024. Don’t get me wrong, the company could have a fantastic future, and I stand by my multi-year postulate that ultimately it might be the most valuable company on the planet. For now, however, I’d say the thrill is gone.
Just last month, Tesla was a $182 stock. Since then, it has resolutely climbed. Along the way, I’ve been emphasizing the price target at just above $245, where that major price gap is.
I’ve had a vested interest in this, since one of my kids had a bunch of options (which expire TODAY!) whose exit I was seeking to optimize. We are just about there, so I think we’re going to have a pitch-perfect gap seal very soon.
Just about the only silver lining to the insane rally this week has been some “fish that got away” have come back for another opportunity. I was chagrined to not secure a position with General Motors, but this morning it bounced up to its gap, providing me another chance to get in. I have done so, acquiring $50 puts expiring January 17th.
