It could take years for Alcoa to reach its bottom, and I’m not patient enough for a grind this slow, but it’s a very powerful down-trend.
Alcoa’s Very Slow Burn
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.
Night Shorts
Ya Mo-Ran!
Good symmetric triangle patterns are rare, but the oddly named corporation Freeport McMoRan (yes, that’s how it’s supposed to be typed) symbol FCX had a beauty. Take note of how the resistance trendline (red) and supporting trendline (green) converged almost exactly at the same place as the dashed line, which represents the peak of its recent bounce. That’s the day I bought puts.
Morning Energy
Since there’s not a tremendous amount to say about a equity futures market that is up 0.2%, let’s turn our attention to something that’s actually moving, which is crude oil. For perspective, here is the weekly chart of this dynamo, with one particular feature being that swan-dive it took off the high board due to Covid (thank you, China!) and its subsequent bounce.
China Keeps Sinking
Just as the right triangle predicted……….
