Yesterday was up yet again and I have been reading that the last twenty five or so Tuesdays have all closed in the green. That’s not true on SPX, as that dropped 4 points on Tuesday 19th March, and another four points on Tuesday 12th March, but the run of positive Tuesdays has still been impressive. (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.
SLV Slams Into A Pole – Slippage Ahead
Since Tim talked about precious metals, specifically the kooky idea of going long them, I thought I would do a follow-up to the volume hole entry SLV made a few days ago. My expectation at the time was for further declines, possibly down to $17.50. Well, Mrs. Market promptly slapped me upside the head with today’s surge across everything precious of the metal sort. I was stung enough to return to the chart and see what near-term outlook presented itself. (more…)
Sliver Slips Off Its Pole And Enters A Hole
This post may draw the ire of precious metals trumpeters on Slope (ahem – “Kooks” – editor), but silver looks exceedingly vulnerable to me here, at least in the intermediate term. It has already slipped off the small volume pole that was holding it around $22.50 and is now solidly in a volume hole. I don’t see much stopping SLV from getting down below $20, at which point it will find a home in the $17.50-18.50 range for a bit. If it slides off that pole too, we will hear a collective liquid metal scream.
What would give me pause is that SLV is well into oversold territory on the 5-day RSI and also on the 14-day RSI. There is little to stop this from getting down to $17.50-19.80, however.
