Today, for the first time since Steven Mnuchin’s call to the PPT on December 26th, the ES ever-so-slightly broke its uptrend.
Limbo Dance
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.
Slow Grind, Instant Fall
Lifetime Achievement
Another morning, another sea of green. The NASDAQ in particular looks virtually guaranteed to make a lifetime high today. Who could have imagined such a thing just four months ago.
Initial Reactions
Two high-profile reports came out Tuesday afternoon: Netflix, which spiked insanely (about a fifty dollar range!) and, at the moment, has hardly any change at all!
Bad Enough
To expound upon my “bullet entering the brain” post from last night, let’s just go whole hog. Let us assume:
- The federal government has now perfected utter control of equities;
- They have absolutely no reason to ever let them decrease;
- It will be months, years, or decades, before they lose control.
Having embraced those chilling assumptions, here are the measured moves for the cash indexes shown, represented in both point and percentage terms. These measured moves are based on the inverted head and shoulders pattern, all of which are complete except for the Russell 2000. Please note that the percentage gains are measured from the neckline, not from present price levels.
(more…)The New Big Round
Traders have an odd psychological relationship with Big Round Numbers. The latest is 2900, which seems to be the magical resistance level for the /ES. Day after day, we lunge toward that level, only to get a (very, very tiny) smack-down. This even happened yesterday, when one of the major US/China trade talk hurdles was rectified, according to Mnuchin.
Shake It Up
Wednesday was supposed to be a rock ’em, sock ’em big day on the markets, but once all the dust settled, the Dow Industrials closed up six – – count ’em – – six points. That’s only six points larger than it changes on a Saturday.
In any case, let’s stroll through some ETFs. As always, click on any image for a much bigger version. I’ve tried to order and group these in a sensible fashion, and instead of interspersing paragraph text, I’m captioning each chart.
