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.

Those June 9th Gaps

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Well, folks, I am rapidly reaching my personal “I can’t take much more of this crap” levels. It shouldn’t be THAT much of a surprise, honestly. The prospect of crawling above 4,000 on the S&P was quite clear, even at the depths of mid-June. At this point, what really counts is how the market treats those gaps from June 9th. I present them below, with the postulate that these represent important exhaustion levels for this month-long rally.

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Second Level Reached

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I can’t remember a time in my life when there seemed to be such universal agreement that:

  1. The market is really, really oversold;
  2. It is going to rally mightily, and much farther than anyone dare imagines.

Even the most wild-eyed bears have fixated on 4,400 on the S&P 500 as their target, which is well more than 10% above current price levels. As I mentioned in my posts last night, even former permabear (and I do mean permabear, as in since its inception in February 2009) ZeroHedge has fully joined the buy-equities-now bandwagon.

As for me, as you might guess, I’m not quite in that party. To be sure, I don’t feel like the kid in a candy store that I have at times earlier this year, but when I look at the /NQ futures, what I see is a market which can easily be argued to have burned off its oversold condition, even now:

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