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.
Since a small minority of Slopers don’t enjoy posts dedicated to asian transsexuals, I thought I’d mix things up a bit and point out something interesting: I’m very gung-ho about energy short positions, as you know, and I contend that the overall energy stock sector (represented by XLE, shown below in blue) is going to “catch down” to oil’s crumbling price sooner or later.
My disinterest in the markets is reaching nearly unprecedented levels. Perhaps it’s foolish for a person whose livelihood is based on market analysis to make such a declaration, but I have a reputation for honesty, and I might as well adhere to that. The markets are annoying, tiresome, and have a completely “captured” feel to them.
Indeed, I got up at my usual time (4;45 a.m.), did my typical morning prep, took my dogs on a long walk, came home……….and went back to bed. It’s hard to overstate how weird that is for me to do that. It’s akin to Hillary Clinton deciding to return all her ill-gotten speaking fees even though she found some lovely dresses in a “petite” size that she’d love to buy since they make her look so sensational. It simply doesn’t happen. But it did today. I even stayed in bed for the first half hour of the trading day. It was actually kind of glorious.
As much flak as I’ve taken about Fibonacci studies, it only eggs me on to show them more.
I’ve been quite hung up on crude oil for months now, and it dawned on me this afternoon to try dropping a retracement pattern on top of it. Sure enough, it opened my eyes up to some pretty important support and resistance levels. As you can see below, the lowest we got this week was nailed by one level (see yellow tint), and I’m looking/praying for firm resistance at the cyan tint. Should we sink on Wednesday, I’ll be watching the green tint just above $42 as the next target.
The most interesting chart right now in the wee hours is crude oil, which is showing even more strength than the yet-another-lifetime-high S&P equity index. Of special interest to me is the neckline that I’ve tinted. If that line contains prices and behaves as resistance, my target price for crude oil is the dark line you see way below at about $40.50. So far, this is a squeaky-clean intermediate topping pattern, but that line has to do its job.
