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.
What Has Been
A solid 2.5 years of risk management (to varying degrees) has been required of precious metals investors. It was most intensely required after the announcement of QE3, when the net commercial short position in silver began a relentless march toward a very bearish alignment in late 2012 and then the HUI Gold Bugs index lost an important support level at around 460. Here is the chart of silver with a heavy commercial net short position from NFTRH 215, dated 12.2.12: (more…)
I’m not going to post the ES chart today, as not much has changed since yesterday morning and I’m short on time. ES is trading around the 50 hour MA (currently at 1825), which is saying that the retracement may be ending or ended. Bulls need to break back over 1833 ES confirm that the retracement is over and trigger a double-bottom target targeting new highs. (more…)
There was a strong move down yesterday, with the small double-top target I gave in the morning made shortly after the open. Nonetheless it could be that the short term high is not yet in, as the first strong move down often sets up a topping pattern, and we might still therefore see a test of the highs before the retracement really gets going. This possibility is best shown on the ES 60min chart where a possible double-bottom has triggered with a target in the 1839.50 area. There is strong resistance just above at the 50 hour MA in the 1832.75 area and broken support at 1833.25. If those levels are broken with confidence then that 1839.50 target should be made and we might well then see a retest of the highs. ES 60min chart: (more…)
I came into the day short GLD in a big way, and I covered promptly at the open. I have re-shorted a smaller position, although given gold’s strength, I’m not sure if it’ll get stopped out or not. In any event, the strength of gold miners is especially impressive. I wouldn’t be surprised to see a move take place similar to the one I’ve outlined below (with the final plunge taking place based on my ultimate gold target of $1,100/ounce.
