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.
And verily God continues to smile upon Slope.
This morning, I took the very uncharacteristic tack of going bullish. I had trimmed puts. I had covered shorts. And, hold on to your hats, I bought call options in SPY, GDX, and XOP.
I also did a special post for my Gold and Diamond members laying out what I thought would take place in the coming weeks. Here is a redacted presentation, with a key word highlighted.
During yesterday’s momentous 2000+ point breakdown, I forgot to mention yet another fact that cements this new Bear Market into reality. The DIA trendline is broken. I’m not talking about some intermediate term line. I’m talking about the biggest of the big. Today’s rally did a gorgeous job pushing us right back to the price gap.
Kindly refer to this post from last week. In it, I declared: “Well, since I was insane enough to make such a prediction on the biggest “up” day of literally all human history, how about I go even more insane and suggest the next major support level? Wild Ass Guess=2750 or so.” Here’s the chart I provided at the time:
I’ve been trading for a third of a century, and what we’ve witnessed over the past couple of weeks is absolutely unprecedented. It’s like we’re getting an historic market crash, except in slow motion.
Things can turn on a dime these days, so I want to emphasize that I am typing this soon after the markets opened on Sunday. The ES is absolutely collapsing………..
We are living in a singularly bizarre time. And it just seems to me the stage is set for things to go from bizarre to outright surreal.
It feels like the world is slowly shutting down, day by day. Schools are closing. Events, both big and small, are being cancelled. Travel is collapsing. People are scared.
The only ones who should be grateful are the 18,000 (!) employees drawing salaries from the Federal Reserve. Even though the financial cataclysm at hand is entirely and utterly their fault, they will get a pass thanks to an invisible virus that strolled onto the scene. Jerome Powell will be seen as impotent, but he probably won’t get the wrath he so richly deserves.
(more…)
