Well, my fellow Slope-a-Dopes, your selfless Idiotic Savant servant, whom is securely chained to his desk, has spent a significant part of the long weekend, perusing nearly every finance blog on the world wide web for you. Therefore, I can reliably report to the SOH, that the overwhelming consensus out there in the financial blogosphere, which has now reached a nearly universal feverish pitch, is boldly & proudly heralding that a most encouraging new economic dawn is finally upon us. It seems, a pristine permanent plateau of prosperity has been patently perfected.
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.
Japan Market Following in US Footsteps
Japan is following in the footsteps of the man who laid the
groundwork for the greatest global inflationary operation of the modern
era. We see the Yen in the top panel of the chart below forming a
similar pattern to that which USD made from 2000 to 2002 as an epic
bubble in credit expansion was being fomented in the US.
New Closing Low for Shanghai Index (by SB)
China's Shanghai Index closed yesterday (Tuesday) at a low not seen
since February 2009. The 1-year Daily chart
below shows that price slipped and closed just below near-term support as the
RSI, MACD, and Stochastics indicators turned down again, with the MACD histogram
beginning to accelerate below zero again.
Mark Carney Leaving for England’s BOE (by SB)
It was announced yesterday (Monday) that the Governor of the Bank of Canada (and
former Goldman Sachs' executive), Mark Carney, will be leaving his position on
June 1, 2013 to fill the role of Governor of the Bank of England on July 1, 2013
for a fixed five-year term.
This Wikipedia link provides background
information on Mr. Carney:
http://en.wikipedia.org/wiki/Mark_Carney
At the time of my
writing this post during market hours, the USD/CAD forex pair is currently
trading just below parity at 0.9945, while the GBP/USD is trading at 1.6015, and
the EUR/USD is 1.2968, as shown on the Daily charts below.
Whether Mr. Carney's departure next year will negatively impact the Canadian
Dollar and positively impact the British Pound (and, possibly, the Euro) in the
near-term and long-term remains to be seen.
Canada's TSX Index is
down slightly from Friday's close at 12,172.50. London's FTSE 100 Index closed
down today by -32.42 at 5786.72. Other major European indices closed down
slightly today, as well.
down slightly from Friday's close at 12,172.50. London's FTSE 100 Index closed
down today by -32.42 at 5786.72. Other major European indices closed down
slightly today, as well.
After-Hours
Market UPDATE: Here's a 1-year Daily shot of the TSX,
FTSE 100, and EUR 100 Indices which shows today's close. As you can see, they
are all approaching major resistance levels that were established earlier this
year…whether they can reach and break above those levels remains to be
seen.
Market UPDATE: Here's a 1-year Daily shot of the TSX,
FTSE 100, and EUR 100 Indices which shows today's close. As you can see, they
are all approaching major resistance levels that were established earlier this
year…whether they can reach and break above those levels remains to be
seen.
The
year-to-date graph below shows that Canada's TSX Index lags in
terms of net percentage gained compared with the other two indices…a sign of
commodity weakness from September.
year-to-date graph below shows that Canada's TSX Index lags in
terms of net percentage gained compared with the other two indices…a sign of
commodity weakness from September.
The 2-year
Daily chart below of the Commodities ETF (DBC) is reflective of the
TSX's weakness. It is also approaching a major resistance level at around 28.22.
A break and hold above that price is possible, as I don't see any negative
divergences on the MACD, Stochastics, and RSI indicators…one to watch, along
with the TSX, as such a break above could fuel a further rally in the TSX, and,
potentially, positively influence other equity markets in the U.S., U.K., and
even Europe.
Daily chart below of the Commodities ETF (DBC) is reflective of the
TSX's weakness. It is also approaching a major resistance level at around 28.22.
A break and hold above that price is possible, as I don't see any negative
divergences on the MACD, Stochastics, and RSI indicators…one to watch, along
with the TSX, as such a break above could fuel a further rally in the TSX, and,
potentially, positively influence other equity markets in the U.S., U.K., and
even Europe.
Support Break on European Top 100 Index (by SB)
Today's (Thursday's) price action gapped down and closed below horizontal
support on the European Top 100 Index, as shown on the Daily chart
below.
The RSI, MACD, and Stochastics indicators are signalling more
weakness ahead…one to watch, in view of the comments I made in my post of November 12th. Downside follow-through on this
index should also produce further weakness (and probable support breaks) on the DAX,
CAC, and PIIGS Indices.
