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.
Bouncing Toward the Gap and MA
As you might guess, today (Monday) was pretty much the opposite of last Friday for me. Friday was awesome. Today sucked. But as a swing trader, I’m not going to cover all my positions willy-nilly. As I so often say, the individual stops need to take care of themselves. As such, I’ve retreated from 71 positions down to 61. Of those, 51 remain profitable, and the other 10 have small losses. Average of the winners is 3.27%, and the average of the losers is negative 0.26%.
This bounce could have more life to it (and, for me, more pain). Looking at the charts, it seems to be the key is the gap between last Wednesday and Thursday. Take a look below, and you’ll see an interesting correlation between the 100 day moving average and the Wed/Thurs price gap. It seems to me, that makes a sensible bounce target. (Side note: I took this snapshots about an hour before the close, so the price moves were even higher).
The Lonely Island
Facebook is pissing all over the bullish party. It’s not an intriguing enough pattern for me to trade, but I’d say the key support coming up is at 167.18.
Key Spider Support
It looks like quadruple witching is keeping things propped up so far. It probably won’t happen today, but the SPY needs to crack 274.24 to seal its gap and break its short-term trendline.
Don’t Dream It’s Over
There is freedom within, there is freedom without
Try to catch the deluge in a paper cup
There’s a battle ahead, many battles are lost
But you’ll never see the end of the road
While you’re traveling with me……….
