I covered my GDX short yesterday to good effect. I just glanced at the chart a few moments ago, and I decided to jump in again.
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.
Major Resistance for Gold Sector
The gold/silver sector has had an amazing 2016, having more than doubled in the span of about three months. I shorted GDX yesterday, however, recognizing how close it was to major Fibonacci resistance (see tinted green below). I think, long term, precious metals could still have a terrific future, but at the moment, some of the air has to come out of these tires.
Gold Sector: Macrocosm Updated
We do in depth analysis on a weekly basis (and every day in-week) because there is no substitute for working to be right with the market’s evolving situation as opposed to making bias or ego stoked calls in hopes of being right.
The current situation has seen some calling ‘bullish’ on the stock market despite a still intact bear trend (noted repeatedly in NFTRH), people going bullish on commodities despite their “bounce only” (also noted repeatedly) status in the absence of real, market-based inflation signals (which I do think are coming soon) and global markets bouncing within bear trends of varying degrees.
A Sloper’s New Enterprise
I get emails all the time from folks asking me to promote their site or their business. I always feel sort of used when I get these, since the person doesn’t have any relationship with me and just wants some free publicity.
I received an email recently, though, from a long-time reader which struck a chord with me. He wasn’t asking for promotion – – – he was just seeking maybe an idea or two about marketing. But I felt what he was doing was so sincere, I wanted to share it with you here. Here’s the email in its entirety, although I’ve boldfaced some particular bits:
Let me first say a big thank you. I became aware of Slope during the 08/09 crisis and have followed it ever since. I don’t post often but I read the articles every day.
Time to Short Miners?
Are you enjoying Yellen Day as much as I am? If so, then you are enjoying it zero. Do the math. It checks out.
Setting that aside, I wanted to mention that there’s an interesting gap-fill going on with the miners ETF symbol GDX. The price level represented by the red line is 20.35:
