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.

CVX… Going Down?

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I’ve recently posted my thoughts on XOM, the largest stock in the world and largest component of the S&P 500 but here’s another behemoth which is sure to have an impact on the broad market, assuming these patterns play out.  CVX (Chevron Corp) is currently the 4th largest component in the S&P 500 so I’ve put together a series of charts, complete with annotations, starting with the daily time frame and zooming all the way out to a 28 year, monthly period chart. By my interpretation, these charts look bearish on all time frames but in the short-term (i.e.-daily chart), I can easily see a little more upside in CVX in order to backtest the recently broken uptrend line.  That may or may not happen & if so, the upside should be limited.

Wednesday Musings

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ES made good progress yesterday and made and exceeded my first upside target.We have now reached a level where we may see a big reversal to complete the possible H&S forming on the SPX chart. Will we see that reversal? I don’t know yet, but we are starting to see a significant reversal signaled by strong negative divergence on the 60min RSI. If rising support from the last low breaks, and that’s now in the 1555 ES area, then I’ll be looking for a retest of last week’s low to complete that H&S:

130424 ES 60min Trendlines and RSI (more…)

JC Penney…….a Buy!?!?

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JC Penney has obviously had a horrible few years, only exacerbated by the fact that they got starry-eyed over an Apple executive (with the somewhat porn-star-ish name of Ron Johnson) back when Apple was the Best Shiny Thing on the planet. Well, the world has discovered that AAPL has clay feet, as do its executives, and they gave the guy the heave-ho (and, from what I read, the chap bought $50 million in JCP warrants whose strike price is way over 100% above the current bid, so that’s gotta hurt).

Anyhoo, unlikely as it seems, maybe JCP is nearing an important bounce point, based on the trendline that goes back over 30 – yep, that’s over thirty – years. Maybe Penney’s will eventually go the way of Montgomery Ward, but the chart says it’s nearing a buy point.

0409-JCP