The suspicion grows that yet more tedious, inscrutable buoyancy lies ahead for the summer, so labored and disappointing has been the follow-through to the May 6 cascade. While the Dow Industrials “should have” fallen to at least 9616, or perhaps to 9535, they’ve managed a correction so far down to only 9758. The shortfall would have bullish implications for the intermediate term if the ponderous dithering that has characterized price action since late May should ultimately give way to rallies exceeding the specific peaks I have referenced in today’s touts for the Indoos and the E-Mini S&Ps.
