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.

Know Your Slope: Volume Profile

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Preface to all KYS posts: It is my view that most Slopers are overlooking the vast majority of content and features on the site, and I am hoping over this long holiday weekend that I can remind you of what’s in here and prod some to action. For this particular feature, which I encourage you to check out, the relevant link is here.

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Electric Canary

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Tesla has had an amazing 2023. Elon and Tesla were both considered laughingstocks at the end of 2022 – – a stock that had lost three-quarters of its value, a man who vastly overpaid for a failing social media network – – but both have had staggering recoveries in just months (including re-claiming the spot of Richest Man in the World, which comes with a handsome trophy). I would strongly suggest keeping an eye on TSLA this week.

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Looking For A Short Term High

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The high last Friday was only three handles below the close on the daily 3sd upper band, which is a rare event, so I did what I like to do with rare events, I looked back and crunched some numbers looking at previous examples. These are the stats I posted on Monday morning. 

There are eighteen previous instances since the start of 2007 where a move has either punched through the 3sd upper band or delivered a near miss within 0.0025% of it (10 points at nominal SPX level 4000). Excluding the punches, none of which were preceded by near misses, there are twelve instances. Of those twelve instances five of them delivered a second near miss within three trading days, usually on the next trading day. Of those two delivered a third near miss within four trading days.

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The Spread is Novel

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This chart is remarkable. I confess, I’m going whole-hog on the new MetaSymbols feature. This chart is a real eye-opener. Using the Layered Charts feature, I put the QQQ on top of the $$$NASDAQSMALL (which is the QQQ except for the mega-caps). These two were virtually indistinguishable for years. That all changed on October 13th, 2022, which was eight horrendously long months ago. Since then, a virtual chasm has developed between these two, since virtually all the gains are being created by just a tiny handful of multi-trillion dollar firms.