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.

Overheating Charts (by Springheel Jack)

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Not much from StockCharts today as one of their servers failed overnight due to a cooling failure. Service is back up now but most of today's charts are from elsewhere. 

Another dull day on SPX as it inched higher. The close was at 1522, the obvious target for the bull flag that broke up yesterday morning is in the 1525-30 area, and if we are to close yet another week at the upper weekly bollinger band that should finish the week in the 1533 area. If we should see a sharp move to the 1530 area there are good odds there of at least a short term retracement:

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A Look at Bonds (by Springheel Jack)

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One thing that is characteristic of strong trends is that you can see nice bear setups repeatedly trashed while the index keeps on pushing up. That was the case yesterday when ES pushed back over the 50 hour MA and just kept on going. The 50 HMA is now at 1499 and is now support again. There is a short term double top and negative 60min RSI divergence with a target in the 1499.5 area so I'm expecting to at least see that level tested early today. If we see more downside after that, strong support has now been established at 1491:

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Regarding Gold

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If you are not a casino patron and if you are patient, you will
realize that the disconnect of gold from the ‘risk on’ trade currently
taking a manic and global center stage is a good thing.

gold bar

Gold, a big hunk of value storage in a monetary world gone off the
charts, just sits there, waiting out the ridiculous lurches by casino
patrons over the years.

Summer of 2011, casino patrons jerk to the right (momo'ing a store of value).  Winter of 2013, casino patrons jerk to the left (momo'ing risk).

Do you see the humor and the tragedy in all of this?

http://www.biiwii.com

Miner Skyfall Continues Apace

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There's no probably no short idea for which I've received more flak over the prior year than miners (symbol GDX). Yes, my analog on them broke, but the fact is that, over time, my bearish disposition on them has been correct.

The breakdown is accelerating. I think this continues to be one of the best shorts out there. The one thing I've learned is not to dare utter such things on ZeroHedge, which tends to be Kook Central. I'll stay here, where a few folks actually don't believe gold is heading to $5,000 an ounce.

0125-gdx