I think the graph speaks for itself. This is a beauty, particularly since it got hammered into a bearish reversal on the Powell Put day.
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.
Spuds is back! Just shorted this monster:
It’s ironic that one of my very best picks of the year has been a long position, of all things. Anyway, Qudian, which I’ve been yammering on about endlessly, has finally completed its basing pattern. Off we go!
SPX made a high early this week, broke down from a decent quality falling wedge and the obvious retracement targets were either the 38.2% or 50% retracements in either the 2840 or 2820 areas before another likely leg up.
Sometimes however any initially promising looking topping pattern evolves into a flag as the index trades gently sideways to down, and so far at least, that is what has been happening here. SPX may yet make a lower low, unless this is a triangle forming here, in which case SPX would likely test triangle support in the 2876-8 area before breaking up into a new high for June. If we are going to see a full retest of the all time high, I would expect to see that on this leg up into the next high window in the last few days of June, and then likely lower.(more…)
Google (AKA Alphabet) has lost literally hundreds of billions of dollars of shareholder value in the span of just a month. Talk of a monopoly breakup, to say nothing of their horrendous downtime yesterday, is weighing on this beast.(more…)