The charts speak for themselves………..
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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.
A Shoe-In
Wiggle Wobble
Good morning, everyone, and welcome to the new week. There isn’t much going on in the market, since the earnings season is pretty much over and there aren’t any meaningful economic events forthcoming. I actually prefer that, because the market can actually have a bit of freedom based on good old supply ‘n’ demand instead of some binary event.
The /ES was on a nice, steady track lower on Sunday, but over the course of the night, For No Particular Reason ™, is blasted higher by 35 points. That seems to have burned off, and as I am typing these words, the /ES is essentially unchanged.
Not So Much
A couple of weekends ago, I wrote an at-the-end-of-my-rope post called Totally Bullish in which I partly stated, “As I look at these eight charts, there isn’t a single bearish thing about any of them.”. I also added, “I’ll just note that the Russell 2000 one is particularly horrifying, since it looks like it’s finally starting to break above its trendline.”
Although the SPY did find important support on Friday (which I discussed at the start of my Saturday morning video), there are encouraging signs that the “totally bullish” situation is looking much shakier.
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The Path Toward 4300
In recent days, I’d give my charting a grade of “A” and my trading execution about a “C+“. I have been, on the whole, doing NOTHING with my positions (which is good), but I definitely mucked things up a bit monkeying around with those short-dated SPY and QQQ puts. Just look at this minute bar chart of the /NQ and see how the explosive move higher was absolutely blown to smithereens. I watched the puts I dumped both go up triple digits. Not a good feeling!
