It seems that a deal on the budget and the debt ceiling that will cover the next few months is likely to be done this week. That will be a relief as this news-heavy environment hasn’t been making calling direction easy. After a deal is done hopefully we’ll see a return to just the usual fedwatching and earnings. (more…)
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 and Gas Follow-Up
At the beginning of this month, I did an all-too-rare bullish post, featuring the oil & gas exploration fund, symbol XOP, as “the most bullish ETF out there.” Well, the entire debt limit nonsense barely caused XOP to blink, and it’s charging right now to lifetime highs. (more…)
Headline Risk
I wasn’t expecting to see the falling megaphone on SPX and the falling channel on ES break up without a budget and debt limit deal being agreed but hey, here we are. The falling megaphone on SPX has a target back at the highs, so the bulls have the pattern advantage for the moment and we shall see what they will do with that. There is an opportunity here to form an IHS in this area and we could well see a retracement to make the right shoulder on that pattern today. That could well fit with a retest of broken falling megaphone support. SPX 60min 1Mo: (more…)
The Bottom Line
After the 1560 low in June I was definitely favoring the scenario that SPX was starting a big new bull leg up, and that was on the basis mainly of the primary rising wedge that broke up earlier this year with a target in the 1965 area. (more…)
