I hesitate to say that some days are simply untradable, since we can always zoom down to the one-minute bar chart to find micro abc trends that will get us aboard. But the five truncated swings that defined Tuesday’s opportunities, such as they were, could have driven even the most patient trader batty. A bigger picture suggests that stocks are churning and that they are likely to head lower unless some piece of ostensibly bullish news comes to the rescue. I wouldn’t count on it, though, for reasons given here yesterday. If you are driven by desperation or boredom to trade this vehicle in any event, I’d suggest using the pattern shown. Ordinarily, I would be confident that its 2286.00 target will be achieved. That would in theory make the futures a mechanical buy at the green line, stop 2248.25. Given the leaden tedium of the last five weeks, however, I’d be surprised if a rally gets past p2=2276.75. Should we then consider getting short instead? Perhaps it’s time. But if you had done so a month ago, especially using put options, you’d feel by now like you had been through a meat grinder. ________ UPDATE (Jan 18, 9:58 p.m.): Zzzzzzz. Even so, check out the recording of today’s tutorial session if you remain to be convinced it’s possible to make money trading this little monster even on the dullest of days. _______ UPDATE (Jan 19, 10:12 p.m.): Zzzzzzzzz. _______ UPDATE (Jan 20): Zzzzzzzzzzzzzzzzzzzzzz. _________ UPDATE (Jan 23, 8:37 p.m.): A watched pot never boils, as the saying goes. Perhaps we can get this savagely boring excuse for a trading vehicle to do something by removing it from the front page. There, I’ve done it!
