Early Tuesday morning, the futures, in navel-gazing mode, were extending the asphyxiating monotony of the last two sessions. It is part of a topping process — or perhaps an accumulation — that has been going on since late January. Which? It seems utterly implausible that stocks could fall as long as QE2 holds sway. Perhaps, in time-honored, contrarian fashion, we should therefore brace for exactly that? For the moment, however, there is little to do unless you are scalp-trading off the three-minute bars. Even camouflage can be expected to produce little more than nickels and dimes of profit right now. A 1347.75 (midpoint: 1319.00) target first broached here eons ago remains valid, but anyone too bored to care can be forgiven for snoozing through the rally if it comes.
