Let’s get back to the basics.
The chart below is a bull market. It happens to be the S&P from the year 1995, which was an incredibly steady, smooth, ascending-all-the-time market.
My Problem with Hamburger
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.
Overnight Action
Good morning, everyone. Well, the market is still clinging to The Trendline (at this point, its importance merits the respect of capitalization) like crazy. We managed to slip nicely last night, but the /ES climbed 30 points for No Particular Reason simply to recapture the aforementioned line. It’s like a love affair that cannot be tempered.
What Would Help
It’s Monday afternoon, and given the blasé non-event that Monday’s trading represented, I have precious little to say about the markets. At the risk of proving that point, I’d like to make a remark about each of the six ETF charts below, beneath which I’ve caption a certain circumstance that would help the bearish cause. The more of these that are obeyed, the better it’s going to be for the ursine set.
(more…)
The Pitched Battle
I took the screen shot earlier in the day to illustrate how much pushing and shoving was happening with respect to the ceaselessly-mentioned broken trendline. Moments after I took this screen shot, the /ES shot up at 15 points, and as I am typing these words, it’s being drawn back toward the gravitational pull of that line once more. This sucker needs resolution!
Baby Got Back
After a very quick trip to Boston over the weekend, I’m back where I belong. The markets aren’t exactly riveting this morning: on the whole, equity futures are up about half a percent, based on the spurious notion that stocks are “cheap” since they sold off a little last week. To my eyes, these are mere delusions, and the only thing that really counts is our friend the October 13th trendline shown on this chart of the S&P 500 /ES futures. We have broken this line, and the bounce right now is nothing more than an attempt to reclaim that line as support instead of its new role as resistance.
