The March contract, ever so coy, is playing our least favorite song: ‘I’ll Be C-ing You’. The first pullback ‘C’ generated a false entry signal at 654.75; the second, an entry at 647.75 that has not yet been stopped out. Still, it is having plenty of trouble getting airborne, since it’s been two days since the point ‘x’ entry was tagged. We have no trade on at this time, nor do I see any likelihood of a subtle opportunity to get long developing soon. That’s because the nearest unburned ‘external’ peak is the very unsubtle one at 679.50 recorded on September 27. Unfortunately, if and when the futures pop above it, the bullish secret will be out.
