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Three stocks that had been digesting recent gains now appear to be on the rise again.
ArQule, Inc. (ARQL) gained 42 cents to $7.17 on 2.6 million shares Tuesday. The move, on more than 1/2 times its average volume, came on no news from the biopharmaceutical company. The stock broke out of a month-long wedge pattern last week and backed off before Tuesday’s move. It edged above resistance at the July high of $7.21 intraday. A follow-through could get it to $8.50 next.
SPX broke back over the 5dma last Thursday and that put SPX back on the Three Day Rule, which is that after a decline of more than 2% followed by a break back over the 5dma, then SPX must hold above the 5dma the next two daily closes. If SPX fails to manage that then the retracement low (2801) should be retested before the initial high before the decline (all time high). The close on the third day on Monday was a clear break back below the 5dma. That low retest would normally be soon after the break and this a very strong stat, so I am looking for that 2801 retest.
For a change of pace, here are two country funds – one above us (Canada), one below (Mexico) that seem like appealing short-sale candidates. I have shorted Canada with a stop at 28.30; take note of those red lines, how the uptrend has changed to a medium-term downtrend.
In short, the market seems to have completely and utterly absorbed the trade deal failure. Indeed, when we were told how a trade deal was absolutely going to happen, people agreed it would be uber-bullish when it did. And yet, now that it’s totally failed……….zilch. It’s become irrelevant.
One need look no farther than the VIX to witness this:
In two days, we’ve gone from zero Slope Links in SlopeCharts to five, and more are coming. I’ll let them speak for themselves about their purpose:
If there are other functions you want with one-click access, drop me an email. There’s a steady drumbeat of product improvements on the way. Incidentally, I heard from some folks that use Firefox and Internet Explorer that the Market Meter dial was misbehaving for them. No more! It’s all fixed now.
In spite of what seems like a pretty ugly trade war, the market is strong and tightly range-bound. I wanted to update some major cash indexes to illustrate some important zones of support (magenta) and resistance (green). The bulls get the upper hand (or hoof, I guess) if the green breaks, whereas the bears get the upper paw if the magenta fails. As always, click on any chart for a much larger version.