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.

Crude-cial Support

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It seems the world is maybe starting to get a little worried about the new direction of our once-great republic, as quotes have been red pretty much since trading opened on Sunday. Nothing dramatic, of course……..that type of thing isn’t allowed anymore. But at least the right color.

What I’m watching most closely is crude oil, which has been stuck in an ungodly boring range since December freakin’ First. Support is at 51.59 on the front month; if we can break that (miracle of miracles), we can really start to see some downside action on all these energy shorts.

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Has Natural Gas Started a New Upleg?

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Ahead of tomorrow’s Inventory Report, Natural Gas has pivoted to the upside after retracing right to a test of the upside breakout level (3.15/3.20) of its 2-year resistance line.

This is very constructive price behavior within a larger-developing bull phase, and argues for a positive reaction to the Inventory Report.  The reaction could perpetuate continued price strength for a revisit of the December high, en route to 4.00-4.10, thereafter.

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Originally published on MPTrader.com.

Wad Shot

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I’d say that crude oil shot its wad during the Sunday-Monday session. All the good news that crude could have enjoyed came out:

  • OPEC agreement, the first in 8 years;
  • Non-OPEC nations agreement, the first in well over a decade;
  • Saudi Arabia announcing it would cut even farther than already pledged

Thus, crude oil spiked huge………..and then faded all day. The tremendous green “shadow” on that candlestick is like a spike through the hearts of crude oil traders dreaming of the stuff going to the 60s. This is a failed bullish breakout par excellence.

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