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.
I’ve bought GDX this morning. It’s not like it’s some amazing bullish setup, but it does look ripe for a modest bounce. To be clear, this is on a tight stop – 21.92 – so I’ll be out of this thing like a shot if it keeps pooing on itself. (UPDATE: this is a very flimsy position, so you might want to just kind of watch and wait……….gold continues to get trashed!)
As with yesterday, my bright spot today has been my short position in metals – specifically, GLD and XME. I’ve covered both for now, but I think in the weeks (or months) ahead we’ll challenge the lowest levels I’ve marked in green.
For me, the one thing that upgraded this day from Wretched to simply Bad was my short position in gold (in one account, I had the entire balance dedicated to being short GLD). I’ve been waiting weeks for this thing to finally break its triangle. It has, at long last, and I am hoping much lower prices are on the horizon.
Those micro managing the precious metals are fixating on the Symmetrical Triangle (bearish continuation) and a coming ‘Death Cross’ of the MA 50 below the MA 200.
The Sym-Tri has been apparent for about three weeks and the Death Cross is hype put forth by those who would make grand TA statements. The Death Cross means next to nothing. I mean, how much good did the Golden Cross that the “community” was pumping in March end up doing?
Gold has been a curious beast lately. It seems to be latched on to about $1300 as the right price, and it is oscillating – – in smaller and smaller waves – – toward that line, shown in red below. It will clearly break the bounds of the symmetric triangle at some point, but for those nimble enough, it’s been an interesting swing-trading vehicle, since it seems to be obediently painting out a tighter and tighter range.
