Although I dumped my GDX long earlier Tuesday, holding it for not even half an hour and blowing up $400 on it, I did (foolishly) enter a long GDX call position in my options account. I know I’m going to loathe those in the morning. I really need to stick to “pure bear.” Serious support for gold doesn’t exist until probably about $1100 or so. (more…)
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.
Miners Bollinger Bounce
Well, I still feel like crap, but the show must go on! So I wanted to get a post out there. Miners have been in a free-fall for a couple of years, but there are occasions when they are primed for a bounce. I think this is one of those times. You can see the “Bollinger Band Crash” below with the gold bugs index. I don’t think “the” bottom is in, but a nice bounce could be at hand. (more…)
Just the Fibs Ma’am
I have to be out for a few hours before the markets open tomorrow so I’m writing this post after the Thursday close and might add a couple of comments at the bottom when I return 90 minutes or so before the market opens on Friday.
Obviously the broadening ascending wedge on SPX broke today, and as I hoped it might, it broke with an opening gap through wedge support, which is the strongest way to break a pattern trendline. That broken trendline should be good resistance on any counter-trend bounce that we might see here. SPX then tested the 1598 low, bounced a little and then broke down through it. That was also a very significant support break, as I explained in my last post. (more…)
Kooks’ Klocks Kleaned
I’ve been following the sinking of assets around the world with great interest. Precious metals, in particular, which I’ve been jumping-up-and-down bearish about for many months, are getting absolutely ravaged, and my oft-cited target of “between $1250 and $1300” is already here. I haven’t had a chance to see if we can go further, but I’m happy with the chart, obviously. (more…)
Line in the Sand for the Miners
Well, in just over two hours, the FOMC news will hit the wires, and we’re currently going through the same nonsense we go through eight times every calender year…………sitting on our hands and waiting for Ben’s Word. (You may find the blog new-post-free after the announcement, as I’ll probably be quite occupied……..but we’ll see). (more…)
