After two weeks of meaningless ups and downs, stocks seem in need of instruction. Or inspiration. Or something. It will likely come in the form of a headline, but don’t expect the news to be anything special, or even interesting. Bulls/bears are ready to seize on just about any item that the news media could pretend or claim is significant. Thursday’s morning’s headline in the WSJ concerned a private equity deal for Victoria’s Secret, a bra-and-panty has-been, and for all we know, the reported souring of the deal was the cause of the stock market’s rally in the first hour. Regardless, my aging, bullish target at 2921.75 remains theoretically viable. I won’t pretend I’m as enthused about it as I was two weeks ago when it emerged, but it’s all I’ve got to offer you at the moment. A whopping, 145-point decline would invalidate it, but little else save Armageddon.
ESM20 – June E-Mini S&Ps (Last:2764.00)
