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.

My Friend the Trend

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Well, the completely-fake, utterly-made-up Chinese economic “data” was released yesterday evening (my time), and the ES liked what it saw. It was up about 8 points or so when I went to bed. As of now, it’s down double digits, since maybe people are figuring out that Communists dictatorships will dream up figures month after month to keep themselves in power, and maybe reality isn’t what is being stated.

More important than that to me is crude oil, which continues to be a better arbiter of The Truth than Chinese bureaucrats. Keep falling, fellas. (I took this snapshot before the opening bell; crude is even farther down than it was……..)

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Noli Illegitemi Carborundum

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I’m having a theme of latin post titles so far this week, though I’m sure that some of you will know that unlike the last two, the sentence I’m using as the title today is joke latin rather than the real variety, and I’m using it as a description of what we have been seeing on equities here as bears waste their window of opportunity to deliver a correction in price here rather than just a correction in time.

It has been a while since I last posted here the bonus charts that I do every day for Daily Video Service subscribers at theartofchart.net on various futures every night (with update notes before the RTH open the next day). Given that equities seem so determined to be boring here, this is a good opportunity to show how interesting everything else is looking. I’ve added the overnight updates as well.

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Oil Pivoting to the Upside

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Before the open today, I noted to our members that crude oil is starting to look and act like the correction off of the Aug 19 high at $48.75 in the USO into this morning’s low at $46.42 is at, or very near, completion. If accurate, this also means that oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.

Since then, the USO has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-24 correction is complete — and that a new upleg is in its infancy.

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Originally published on MPTrader.com.