There are no little guys left in the market, so institutional investors can push stocks wherever they please. There were a dozen good reasons for the Dow to have fallen by 2000 points on Monday, considering how grim the pandemic news was over the weekend. Instead, the Dow rose nearly 700 points, controlled by Masters of the Universe who are intent on distributing as much stock they can into short-covering rallies. This one looks bound for 2781.50, subject to a possible stall at 2687, the secondary pivot. The mechanical trade that was exited for a big paper profit on Monday is performing better than expected, since I’d thought the futures would get no farther than the red line. Keep that in mind the next time I signal a similar trade.
ESM20 – June E-Mini S&Ps (Last:2624.00)
