No, you're not imagining that this has been the most boring summer on Wall Street in maybe a thousand years. Notice in the accompanying chart that the Mini-S&P is almost exactly where it was two months ago. Bulls have held a microscopic edge all summer long, but that hasn't been enough to power the futures to a 1320.25 target that we first identified in late July. That pivot, and now another at 1342.50, lie in prospect, but at the current pace it could take until the November elections to reach the higher number.
September 2008
Silver December Silver (13.175)
– Posted in: Current Touts Free Rick's PicksThe pattern shown in the chart looks a little too obvious for aggressive bottom-fishing, but we can use its 12.670 midpoint nonetheless to project a minimum downside target for the near term. Alternatively, it would take a print at 13.330 today to turn the lesser charts bullish.
DIA Diamonds Trust (116.59)
– Posted in: Current Touts Free Rick's PicksLet's try bottom-fishing if the Diamonds pull back to a Hidden Pivot support at 114.78 in the first hour. You should expect to pay about 2.20 for September 114 calls (DIAIJ), but I'll suggest "riding" whatever bid the market-makers are reflecting if and when DIA hits 114.81. _______ UPDATE: DIA gapped higher on the opening, never having gone lower overnight than 115.42, so we did nothing.
