It’s not every day you see a common stock cross above $200,000 per share. In fact, I don’t think there’s ever been any such day before. Let us have a moment of respectful reflection for Uncle Warren and his astonishing victory:
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.
Intel’s Rosy Future
Intel and Yahoo both spiked higher after the close, once they reported their earnings. Yahoo, as I type this, has given up all of its gains, and it’s in the red. Intel, on the other hand, is up over 4%.
This doesn’t surprise me in the least. Yahoo, in my opinion, has always been a maker of some of the crappier products and web sites on the Internet, and I am stunned beyond calculation that they’ve even been as successful as they are. YHOO is all about Alibaba (founded by far and away the World’s Weirdest Looking CEO), and once that firm goes public on the oh-so-superstitious 8/8, they’ll have shot their wad.. (more…)
Broken Trendlines
Thursday was a strong day on SPX and NDX, and at the close, all three of the significant resistance trendlines that I was looking at in my Thursday morning post were broken. The most important of those was primary channel resistance from the October 2011, which had been tested and held in all four of the preceding weeks but has now finally been broken. I would expect another pattern to form and am considering the likely options, but at the least I’d be looking for a further move to the 2040 area now. SPX weekly chart:
Bear Window Closing
My daughter is getting braces tomorrow morning and I’m going with her so I’m unlikely to manage to put a post together before the open tomorrow. I’ve given this some thought and decided to do a short post tonight and then if I see anything else worth posting before the open tomorrow I’ll post it on twitter then or, if I get back in enough time before the open, I might manage to put up another short post then, but at the moment I think that’s unlikely.
SPX had a decent day yesterday, closing on the key resistance level at 1861 that I flagged as an important bull/bear level in the morning. That may hold tomorrow, as the stats for the last day of the second quarter are bearish, with Dow showing 33% positive closes over the last twenty years or so and SPX at 38%. I looked at the last ten years of these on SPX in detail and pulled out the following interesting points: (more…)
Precious Metals – Definitely Maybe
Back on 22nd January I posted a chart showing that the falling channel on GDX from 54.18 had broken up and wondered aloud whether the precious metals bear market was bottoming out. That low was supported by very powerful positive divergence on the weekly RSI that I would normally associate with a major low. That low has held since and GDX has put in a higher high and (most likely) low since then, although that would also generally be the case on a bear flag of course, and that is always a possibility for a shallowly rising channel coming off a steep decline. If GDX can break over falling channel resistance from the high, currently in the 34 area, that should confirm a major low. GDX weekly chart: (more…)
