This one is great; an existing short plus a butt-ton of January 2019 puts on XME, mentioned here, just like all my shorts, countless times.
Slope of Hope Blog Posts
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I mentioned this one yesterday, but I think I only showed its moving averages. Here, much closer (and featuring Price Bars – – a SlopeCharts exclusive) is the metals and mining fund, against which I own puts and am also short.
Good morning, Slopers. It’s quite odd – – we had an enormous surge in traffic yesterday – – and I have no clue where it came from. It’s not like the market was collapsing (which tends to attract a lot of rubberneckers). Oh, well. I appreciate the interest in any case.
It seems to me the United States “full faith and credit” Dollar could be in for a turning point. By way of the UUP, shown below, we can see prices have slipped beneath the 50 and 100 day EMA, and the averages seem to be pivoting at an inflection point. As long as UUP stays beneath that red horizontal, it looks to be in decline mode.
Those of you who watch me on tastytrade probably heard me mention my DUST short yesterday. Turns out it wasn’t a terrible idea. It’s down a lucky-sounding 7.77% at this very moment, thanks to the bounce in miners.
Bitcoin plunged from 7385 to 6830, or 7.5%, Wednesday in reaction to a Business Insider report that Goldman Sachs has decided to drop a year-ago decision to create a crypto-currency trading desk.
Apparently, Goldman is “uncertain” about the regulatory environment. Hmm, really? Since when has Goldman shied away from forging a new path while it influences the architecture of a new regulatory environment?
Be that as it may, let’s notice on the attached chart of September Bitcoin that the reaction to the report triggered a plunge that traversed the entire width of the bullish one-month price channel. But the weakness in and of itself has not (yet?) inflicted serious technical damage to the upmove from the August low at 5850 to the September high at 7415. (more…)
As the so-called “precious” metals market approaches its EIGHTH YEAR OF A BEAR MARKET (I could just weep – – why can’t stocks enjoy such wholesale destruction?!?!?!?), the triple-bearish-on-miners instrument I pointed out repeatedly last week has got its booster rockets on and is roaring higher. I suspect gold, silver, and miners will simply continue to soil themselves.
The ‘Gold as Inflation Hedge’ Canard
On the one hand you have the sons of Harvey & Erb, who called gold to $800/oz. and caused a stir in the gold “community”. Per Campbell Harvey in this video with Kitco’s Daniella (dig the flowing golden locks of hair)…
“Gold is just too volatile” to be an effective inflation hedge.
Well yes sir, you are right. Gold does not track inflation in any kind of a convenient time frame. Gold’s volatility is a reflection of the volatility of the assets orbiting around it in the constellation of risk. (more…)
Just yesterday I was mentioning the very smooth basing power of ultra-bearish fund DUST, shown below. I’ve circled the price gap. It is adding to its gains from yesterday. It just seems the so-called precious metals sector, after seven years in its own bear market, can’t get up off the carpet.