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Well, the whole FOMC thing turned out to be pretty anti-climatic. There’s still an hour left in the trading day as I’m typing this, so who knows how we’ll end up, but so far, the tug-of-war seems pretty even between bulls and bears.
For myself, I covered my GLD short early today, but I left most other shorts intact. I am 75% committed; I intended to get aggressive if things really started breaking down, but they haven’t, so I’m standing still for now. (more…)
Hedging The Most Actively-Traded ETFs
Fellow Slopers,
In this post we’ll look at the costs of hedging the most actively-traded ETFs, but first, a quick update on an old post. A couple of years ago on Slope (“A Nano Cap Bargain“), I mentioned I had purchased a few shares of nano cap mobile phone accessory maker, Wireless Xccessories Group (WIRX). Shares of WIRX were up significantly this week, after the company announced sizeable revenue gains. As I noted in my post a couple of years ago, it’s a thinly-traded OTC stock, with all the risks that implies, so caution is warranted. Now onto the most actively-traded ETFs. (more…)
I’ve recently posted my thoughts on XOM, the largest stock in the world and largest component of the S&P 500 but here’s another behemoth which is sure to have an impact on the broad market, assuming these patterns play out. CVX (Chevron Corp) is currently the 4th largest component in the S&P 500 so I’ve put together a series of charts, complete with annotations, starting with the daily time frame and zooming all the way out to a 28 year, monthly period chart. 
By my interpretation, these charts look bearish on all time frames but in the short-term (i.e.-daily chart), I can easily see a little more upside in CVX in order to backtest the recently broken uptrend line. That may or may not happen & if so, the upside should be limited.
As we’ve been coming up to the ideal period to make a spring high, loosely from the last week of March to the first week of May, I have been carefully tracing through the options for such a high, watching support trendlines break, the first false alarm retracement at the 2007 high, and the formation of topping patterns from the current 1597 high. (more…)
ES made good progress yesterday and made and exceeded my first upside target.We have now reached a level where we may see a big reversal to complete the possible H&S forming on the SPX chart. Will we see that reversal? I don’t know yet, but we are starting to see a significant reversal signaled by strong negative divergence on the 60min RSI. If rising support from the last low breaks, and that’s now in the 1555 ES area, then I’ll be looking for a retest of last week’s low to complete that H&S:
