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.
Semis could be one of the greatest wipeouts of the decade, led by the laughably overvalued NVDA (which has been on fire due to the even more laughably overvalued AI nonsense). This stock peaked months ago. In 2026, people will look back and laugh at these prices.
AI Mania drove semiconductor stocks and server stocks higher for most of the year, until they got smacked in the face on July 16th. After a hard tumble, they’ve bounced back, but only partly. I suggest that the retracement is already complete, and the well-defined right triangle tops serve as powerful barriers to further price ascent. Dell is an excellent example.
Powell has put booster rockets on equity markets for most of this month, but an objective look at the semiconductor index reveals an important truth: this sector is broken and broken badly. A failed channel. A broken recovery trendline. A clean gap down. And, most recently, a retracement back to just beneath the same price gap. This sucker is just itching to plunge.
Today absolutely sucked for the bears, and I’ll have more to say this weekend when I have the time. What I will say however, is that now that Powell has gone FULL PIVOT, the fact that tech stocks couldn’t even muster anything more than an inside day kind of tells you everything you need to know. Be prepared.
What a morning, eh, gang? Jerome Powell lumbered up to the podium and basically gave a history lesson, and the bulls went absolutely ape. The markets exploded higher. I couldn’t help but notice that semiconductors, by way of SMH, represented a very intriguing bearish opportunity at those laughable levels.
