Well, my fellow Slope-a-Dopes, your selfless Idiotic Savant servant, whom is securely chained to his desk, has spent a significant part of the long weekend, perusing nearly every finance blog on the world wide web for you. Therefore, I can reliably report to the SOH, that the overwhelming consensus out there in the financial blogosphere, which has now reached a nearly universal feverish pitch, is boldly & proudly heralding that a most encouraging new economic dawn is finally upon us. It seems, a pristine permanent plateau of prosperity has been patently perfected.
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.
Breakouts and Highs (by Springheel Jack)
The gentle rising channel I was looking at yesterday on the ES 60min chart is still holding this morning, with channel support and resistance in the 1460.5 and 1481.5 areas respectively. ES is making marginal new highs and lows and I won't be looking for significant downside unless ES either gets near to channel resistance or breaks channel support:
Upside Opening Up (by Springheel Jack)
I posted a chart of the daily SPX early last week with the observation that of the last twenty times that SPX closed more than ten points below the daily upper bollinger band, support at the middle bollinger band was hit sixteen times before the upper band was hit again. To that extent the odds are still with the bears for the moment. Middle bollinger band support is now at 1447 and still rising, and it therefore isn't far now to reach it either. While we watch this sideways action however, the potential upside within the SPX rising channel and below the upper bollinger band is opening up, and resistance on those is now in the middle to high 1480s. That needs to be borne in mind from a risk/reward perspective:
Gold Bears Out of the Woodwork and Into Your Head?
You know what I mean… the rising tide of gold bearish articles now
flooding the blogosphere. Smart writers far and wide schooling gold
bugs about how gold is going to 1400 or even 1200 as the economy
strengthens and the disaster premium is removed or as a deflationary
spiral takes hold. Talk about opposite ends of a spectrum from which to
bear talk the monetary metal.
Yes guys, gold became sponsored by the dumbest, most knee jerky money on the planet… 1.5 years ago
at the height of the euro crisis! Now you pile on and try to school
the masses on contrarian theory? It really looks a lot like trend
following and wanna be heroism to me. But whatever.
So where were these contrarians in summer, 2011 when when people
should legitimately have been concerned about gold’s dangerous sentiment
structure due to the big knee jerk into the metal? Where were the
know-it-alls just after the recent QE3 when this was inserted into our
newsletter?…
Directional Options (by Springheel Jack)
I'll run SPX charts on various timeframes this morning. One that I won't show as I have a lot of charts today is the weekly chart, where I gave a target at the upper bollinger band a couple of weeks ago. SPX fell a few points short of that target last week, but it looks like a hit on the chart so I will count that target as made. Weekly middle bollinger band support is at 1425, but more often than not SPX continues to run up under the upper bollinger band after the first hit, so the odds do not favor an immediate return to the middle BB.
On the daily chart SPX has now closed over ten points below the upper bollinger band. I count twenty previous instances of this on my chart from July 2011, and sixteen of those subsequently made it back to the middle bollinger band before touching the upper bollinger band again, so the odds strongly favor that here. Daily middle bollinger band support is now in the 1435 area:
