THE MORNING LINE
Still Fishin’…
I’m taking an extended break from the daunting challenge of predicting the stock market’s behavior each week as though it were correlated rationally and logically with events in the real world. My weekly commentaries will resume when I am feeling better up to the task. In the meantime, if you need a regular dose of Rick’s Picks, don’t pass up a free opportunity to use and enjoy all of the site’s amenities, including the Trading Room, the heart and soul of my service. Its purpose is to help investors make money, a goal it achieves so consistently that gifted traders from around the world like to hang out there. The photo above shows Venezuela’s Angel Falls, the world’s highest waterfall and a good metaphor for my outlook on the stock market. Finally, here’s a link to my latest rant at This Week in Money on June 18. [Note: This link will change to present fresh material every other week.]
Rick's Free Picks
$ESU26 – September E-Mini S&P (Last:7548.00)
The futures spent the last two sessions head-butting a modest midpoint Hidden Pivot resistance at 7582. You might think the failure to break through was a sign of weakness, but the opposite is true. Considering that no one but Trump and Vance is impressed with the cease-fire plan, and that
$MSFT – Microsoft (Last:379.05)
An unorthodox target I’d drawn near 380 failed to contain the selling, so I’ve switched to a conventional pattern that projects significantly lower. My expectations are bullish for the market as a whole when stocks start to trade on Sunday, and I don’t expect MSFT to go its own way.
$SIN26 – July Silver (Last:64.910)
Friday’s rally mirrored gold’s, meaning you shouldn’t get your hopes too high. The pattern suggests that once the bounce ends and silver resumes its downward course, it could eventually go as low as 54.735. That’s 20% below these levels, meaning a whole ‘nother bear market could unfold before Ag finds a
ESU26 – September E-Mini S&P (Last:7626.00)
Switching to the September contract, the futures were on their way up to at least 7570 .75 when the closing bell ended a do-nothing week. This is all but guaranteed, given the way buyers fist-pumped through the midpoint Hidden Pivot on Thursday. The futures were little changed from the previous
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