Yet another exasperating day, so we’ll focus on a somewhat bigger picture. The one shown is made compelling by the razor-sharp ABC coordinates, but also by the precise pounding yesterday on the midpoint pivot at 1180.25. Bulls appear to be fighting, if not for their lives, then for their sanity. Regardless, they’ll have to hold this brick above 1180.25 to prevent more slippage to D=1161.20. An opportunity to get long via camouflage is present here already, but I wouldn’t risk more than $60 theoretical to get on board. Alternatively, a decisive penetration of p (i.e., by at least 3.5 to 4 points), and then a rally back up it, could set up a ‘mechanical’ short. _______ UPDATE (through May 10, 6:00 p.m. EDT): There’s nothing to see here, folks, so let’s move along. On the 15-minute chart, the gratuitous price spasms of the last three days look like atrial fibrillation on an EKG (see inset).
