I’ve mentioned my put position on XME. This morning, I took advantage of weakness earlier and sold my January puts so that I only have March now. I intend to double this March position in the near future. The reason is simple: I think this beast is heading much lower, but it moves with the speed of Oprah Winfrey at the 24th mile of a Marathon.(more…)
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.
As we push toward the thick of the earnings season, here are a couple of securities getting a lot of attention:(more…)
Last week I was looking at the IHS patterns that had broken up on SPX and NDX with targets at retests of their respective all time highs. We’ve seen some retracement this week but overall nothing has changed and I am still looking for the same targets, though the retracement has given more form to the current moves and is giving some clues as to where these moves will find resistance.
Starting with ES, where after the grind up on Monday I posted a chart on the subscriber twitter feed at theartofchart.net showing the rising channel established on ES Dec from the September lows, and with a slight adjustment that channel has held into the end of the week with a test of the low before the open yesterday morning. Resistance on that channel is now in the 3600 area so the IHS target is within that range.(more…)
I like patterns, but they certainly are not infallible. Earlier this week, the relatively new stock Fastly (symbol FSLY) was sporting a fantastic-looking pattern, including a new lifetime high. It’s just the kind of stock you would want to own. Supposedly.(more…)
I offer you greetings, once again, from the empty, eerie parking garage of the Stanford Shopping Center. Once the bustling destination for vapid trophy wives and desperately insecure men, this shrine to consumerism has been unsullied by human feet for half a year, except those of myself and the inhuman feet of my dog pack.
As many decades as I’ve been doing this charting nonsense, I still marvel at the simple beauty of things such as role reversal. Support becomes resistance. Resistance becomes support. See see that here with the /RTY, which gave the horizontal line which I drew long ago the kind of respect it deserves.(more…)