I put this chart together before oil fell apart, so you can rest assured commodities are now officially screwed…..
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.
Oil Will Lead the Way
All right, I’ve got my box of Blue Bottle coffee, my Bob Ross playing, and the house is ice-cold, so I’m starting to get my wits about me again. I completely blew it this morning, in my got-up-too-late fog, and dumped my ETF positions (TWM, QID, ERY) in a fit of pique. That was not good. I have re-entered some ETF positions, but, sheesh, getting up at 7 a.m. doesn’t work for me. I really need to stick to my 5:30 a.m. arousal, as it were.
Looking at the commodity ETF below, I think it’s in big trouble, and oil will lead the way lower. My principal ally is tinted in green: all that overhead supply. I have offered up a prospective (and my preferred!) path with that red arrow.
Agriculture Commodities Lifetime Lows
Inflation? What inflation?
Anyway, the market right now is as boring as Janet Yellen’s wedding night, so I’ll see you tomorrow.
Low Battery Warning on the Energy Sector
Anyone who follows oil (or at least tosses it a side glance from time to time) knows that it has been stuck in a tight range for 2-3 months now. Following the “laws” of price action, expansion gives way to congestion and congestion gives way to expansion…eventually.
Orange and Black
I rarely do posts about being “done” with a trade, but I did so yesterday for Slope Plus subscribers, early in the morning, with respect to gold and miners. The 50% gain on DUST in three weeks was a great winner, and the Fibonacci retracement on GDX looked like support.
As I looked at the charts later in the day, I did feel that miners might be largely complete with their down-move, but I was having second thoughts about gold. It still seemed like it had a decent prospect of falling. This morning, that thought seems to be borne out, as we’re down nearly $12. The key to watch, however, is the $1235 (approximately) level. That would be a fairly important trendline break.
