In spite of the Dow Industrials blasting to their highest point in human history today, the vast majority of my short positions went down in price (AKA a good thing), a few of them substantially so. Another victory for SlopeCharts!
Inside Day
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.
What Thursday Requires
On Monday, I did a lengthy premium post stating what marvelously uniform the wedge patterns in the indexes were, and how powerful a position the bears might be in (“I’ve never seen such gorgeous unanimity among such a wide variety of stock indexes“). On Tuesday, the market fell hard, agreeing with that assessment.
Today, of course, the market rallied mightily, but even in the face of such dire adversity, I did another premium post which pointed out that all that buying had merely pushed prices back to perfect points of resistance. As I stand here on Wednesday evening, that continues to be true, with a pixel-perfect tag of the trendline executed by the /RTY.
Take note of how what used to be support (green arrows) transformed (blue oval) into resistance (red arrow).
(more…)Corning Island Reversal
Corning (GLW) was at a lifetime peak yesterday. This morning, on the heels of its earnings report, it is sporting an island reversal pattern with a price gap at 88.15:
Oil Gap Holding
My oil and gas ETF short, XOP, is holding together quite nicely. The gap I based on the trade on (130.59) held firm, and now I’ve tightened up the stop with a new price gap that was formed today (128.07).
Energy Gap to Consider
Celebrated chartists such as I are able to look at the chart below and draw conclusions from it without assistance from any human or AI system. The chart is crude oil and the trend………is UP.
Thank you. I’ll be here all week.
