Betting action on this vehicle was hot and heavy in the Rick’s Picks chat room Wednesday, but I’ll take even odds that the week ends with asphyxiating tedium. Yes, these are interesting times, and it is always going to be easier to predict that “something” will happen “soon” than that nothing will. I’m with the “nothings,” though, at least for the next couple of days. If it’s excitement you want, I’ll suggest hunkering down on the one-minute bar chart, where there is almost never a dull moment. I’ll be in the chat room to call the play-by-play in any event, so drop by if you like your technical forecasts mixed with a little satire and cynicism. _______ UPDATE (July 7, 5:16 p.m. EDT): Was that an asphyxiatingly tedious day, or what? The futures fluctuated gratuitously for six hours over a 20-point range, ending the day with a net loss of three points. With one breathtakingly boring day over, the forecast above implies there’s one more to endure. Even so, night owls can use this pattern on the 30-minute chart to bottom-fish: a=2102.00 (10:a.m.); b=2082.38; and tentative c=2092.50. The point ‘c’ high looks likely to be superseded by a higher coordinate, but bottom-fishing can still be attempted at whatever p midpoint support results using a very tight stop-loss. _______ UPDATE (July 8, 11:07 a.m. EDT): The glue-sniffing chimps who jockey stocks around each day knee-jerked them higher before the opening this morning, responding to June’s meaningless, statistically bogus payroll numbers. They showed a supposedly ‘strong’ job market. This used to mean, at least in the minds of the chimps, that the Fed wouldn’t ease, and that stocks should be sold on the news. Not any longer, apparently. With rates already near zero and going nowhere soon, the current vogue of the chimpanzee cohort is simply to buy ‘stuff’ whenever the economic news is ‘good’. These days, that would mean just about any news — even GDP growth barely exceeding 1%, or a global catastrophe that falls shy of nuclear war.
