Nothing of interest could be inferred from Monday’s listless price action, although as much could be said of a baseball game in which no batter has reached first after six innings. It only seems dull to those who don’t know the game. For those who keep up with the savvy, cynical commentary at ZeroHedge, even Wall Street’s most tedious days take on a sinister hue. Whatever scheming oligarch may have caused Monday’s ups and downs, we can only be thankful he was evidently in a good mood, since any damage done early in the session, when the Dow was down about 200 points, was rectified by day’s end. This left me less bearish than I’d been when I updated my touts (see below) for Sunday night. For perspective, however, I’ll note that an 800-point rally or decline from these levels wouldn’t change the technical picture one bit. By my runes, the outlook remains bearish for the intermediate-to-long-term.
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