The chart below is a picture of bears baiting each other, and it's as good an excuse as a trader could find to take the rest of the week off. Yesterday, when a flurry of unpersuasive selling dried up in the first 30 minutes, DaBoyz evidently set their flinty little hearts on the goal of popping the E-Mini S&P above Friday's peak, a 1291.75 print that was recorded in the dead of night. Notice how the initial rally reached 1291.25, a coy three ticks shy of triggering stop-losses just above Friday's high. At that point, the following note was posted in the chat room: 'I don't think the rationale exists to take stocks higher than Friday's high, so if it's taken out, look for a running of stops but no follow-through.' (Click on amy image to enlarge) Just so. The futures spent the next hour-and-a-half flagellating bears with shallow dips that were followed by feints toward the alarm bell at 1292.00. They finally tripped a Condition Orange with a single print at 1292.00, and that was it for the day. The futures never traded any higher than that, plunging to as low as 1279.00 intraday. Are traders perhaps acting out of spite, vexed by a calendar that has failed this year to reward working stiffs with a Fourth of July falling on a Tuesday or a Thursday? Either would have meant a four-day weekend, not the chintzy three day-er that is bearing down on us. Last year the Fourth fell on a Wednesday ' perhaps the most appealing day of all, since it gives the working man the option of screwing the pooch all week long, regardless of whether his employer has designated Monday and Tuesday, or Thursday and Friday, or neither, as an official holiday. Next year, Independence Day
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