Yesterday’s rally seemed to run out of gas. On the other hand, the fact that there was any rally at all was impressive, considering the economic headline of the day was that GDP grew by a paltry 0.1% in Q1. Actually, the rally was even more impressive, since everyone knew that the 0.1% economic growth claimed was a statistical lie. So, are the S&Ps about to vault to new record highs? This seems unavoidable, since it would require but a 14-point thrust above yesterday’s peak. Rather than speculate, however, we should simply wait and see whether the futures can surmount a lesser peak at 1882.50 that was recorded last Thursday. Traders should be prepared for a quick, shallow pullback from just above it, since that could provide a low-risk opportunity to get aboard via ‘camouflage’. Hidden Pivot webinar grads interested in seeing exactly how this can be done should check out the recording of the weekly tutorial session held yesterday, since it includes a real-time trade in Priceline that had everything we look for, technically speaking.
