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.
Only days ago, Bitcoin crossed above the meaninglessly but psychologically important $100,000 level with great fanfare. Social media was buried in a wave of posts declaring that $250,000 would be “easy” and $1 million achievable since, let’s face it, $100,000 is 10% of one million. I watched BTC play jump rope with $100k all weekend, and it’s finally sinking away. I think the crypto freaks kind of shot their wad with this one.
Just about the only asset I can point to as something I’m enthusiastically bullish is silver. I’ve written about this many times, although its behavior over the past several months has been frustrating, as it has meandered aimlessly in the lower 30s.
Welp, the madness is continuing full-blast, with ZeroHedge leading the way. It’s honestly jaw-dropping to glance at that formerly cynical publication, since it is slathered from wall to wall with optimism and doe-eyed zeal about the future. The entire world is going along with Tyler, however, as we vaulted higher on Sunday, camped out there all night long, and then got another big goose on the /ES just now.
Gold’s public sentiment (graph & data from Sentimentrader.com) registered an extreme last month as the market was supposedly anxious about war abroad and the political war here in the US. Oh, and more importantly, there is the slowly decelerating economy and the Federal Reserve, weakening from its previously hawkish policy.
Gold and silver Commitments of Traders (CoT) data are also indicating over-bullish sentiment by speculators. But this all goes with a bullish market. I mean, just look at stocks. The stock market has been structurally over-bullish all year, periodically reset by little yips and twitches in sentiment. So why not gold?
(more…)It seems to me that the rally in GDX and GDXJ is going to be stopped cold, based on the clean price gaps.
