Slope of Hope Blog Posts

This is the heart and soul of the web site. Here we have literally tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. You can also click on any category icon to see posts tagged with that particular category.

Oil Ready to Rally

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Oil fell pretty much nonstop from October 3rd until November 23rd. At that time, I pointed out the magenta horizontal (shown below) as well as the blue descending trendline, each of which I felt would act as support. So far they seem to have done so, and as rapidly as oil fell, the “bounce” could be just as swift (although certainly not with enough power to recover all those losses).

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FAANG(ks) Giving Rally Incoming?

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I was taking a close look at FAANG this week.  It was interesting that every single one is on some kind of intermediate support.  As much as I would like to bring a bearish prize to the slopeofhope ready for a mauling, I think this lends evidence to the argument that the S&P500 is in for a months long rally. Back in September, XLK, the tech ETF SPDR was in a large rising wedge. Rising wedges break down into channels. Look where we are now.  (click any picture for a larger version)

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Buying Opportunity?

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Due to the California wildfires, and their associated liability, Pacific Gas & Electric has gotten absolutely torched, having lost a heart-stopping 70% of its value. This is a UTILITY company, people. If you’ll look at the left portion of the graph, it has suffered such shock events before, only to come roaring back. I’m not going to do it myself…………..angels fear to tread, and all that………….but you might consider if this is a “blood in the streets” type buying opportunity. As General Electric has proved, though, just because something looks cheap doesn’t make it a bargain.

Indexes and the Willliams %R

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Even though I’ve given SlopeCharts a nice suite of technical indicators, I hardly ever use them. I often mention that I don’t really use indicators much, almost to the point of being strident about it.

I must say, however, that having gone through the cash indexes with the %R indicator today, I’m pretty impressed, and it just adds to the body of evidence that I think it’s bounce time (I sure hope so!) Keep in mind that you can move the horizontal line dividing the price from the technical indicator pane, allowing you to make the indicator taller, as I have done below. So here we are:

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What I Bought

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On Friday afternoon, I bought four ETFs. Yes, you read that right. I actually went long something. Some people joked that this meant we’d crash on Monday (hoo hoo hoo, ha ha ha), but I’m trying to balance out my 30 (smaller) short positions and also take advantage of what I think might be a decent bounce.

Below I provide a six-month chart and an all-data chart for all four of these ETFs. These longs are:

Regional Banks:

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