This is a weekly chart of the /ES that the bulls think is such a great thing to be buying right now.
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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.
Copper and the Market (by Jelly Muscles)
Jelly Muscles was kind enough o compose this very interesting post. He sent it to me as a PDF file, but I’ve busted it up into a series of images for Slope. Click on any of the images for a larger version, depending on your screen size. Thank you, JM!
ETF Focus: Metals
Preface to all ETF posts: Just a quick overview this weekend of some general categories. You know the drill: click on any chart for a larger, easier-to-see version.
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Gold in Sorry Shape
Gold has been in its own private bear market for about eleven years now. It’s been a terrible investment, and recently, a terrible trading vehicle as well (except for metals bears). Just look at the breakdown with the continuous contract, where one major supporting trendline after another is violated.
Gold Bug Survivors Prepare to Capitalize
It has been a classic washout in the gold stock sector, but if positioned correctly opportunity is setting up
- The ‘macro’ and sector fundamentals have been incomplete (details beyond the scope of this article, but they are not the easy, low hanging fruit that many in the ‘gold adviser’ herd focus on).
- The technicals have advised a downtrend since mid-2020 with the exception of one head fake in March-April, 2022.
- Sentiment, which was over-bullish in mid-2020 and April 2022 is now opposite, and very bullish on a contrarian basis.
- The sector is deeply oversold as evidenced by an extreme in the Gold Miners Bullish Percent Index (BPGDM).
- Commitments of Traders data for gold and silver are positive and very positive, respectively on a contrarian basis.
- As has been proven by the facts of recent history, the NFTRH view of cyclical (as opposed to ‘stag’) inflation being terrible for gold stocks was correct, even as this view was lost in the din of opposing – and tragically wrong – opinions by heavily followed Twitter ‘influencers’ and other dignitaries.
