The tweets giveth, and the tweets taketh away. Once again, we are in a situation where a single rumor (delays on car tariffs for EU for 6 months) rocketed the ES almost 50 points from its low.
Orange Peel
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.
Major Trendline Resistance
The ETF for the consumer discretionary sector broke its trendline ages ago, but as of yesterday, it perfectly tagged the underside of the now-broken trendline and should treat it as resistance henceforth.
Heavy Metal
I mentioned in the prior post having 50 short positions, all of them individual stocks. I have increased that to 62 short positions, one of which is my only ETF short: XME, the metals and mining ETF. Stripped of both drawn objects and even the price bars, the chart shows the pivot:
Green, Red, and Yellow
Does the market seem dull to you? It’s not your imagination. Just take a look at the volume of the SPY. We have gone from an organic, price-discovering market to one which just goes up half a percent, day after day, based on “trade talk optimism”. Apparently volume isn’t necessary:
Into the Night
Well, I had pulled together a bunch of ETFs, nice and neat, to talk about them, but out of the clear blue sky some kind of rumors about the deal terms of the long-awaited China/US agreement are flying around, the equities are zipping northward again.
