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 July 2 [Note: This link will change to present fresh material every other week.]
Rick's Free Picks
TNX.X – Ten-Year Note Rate (Last:4.48%)
Yields on the Ten-Year Note ended the week just beneath a Hidden Pivot resistance at 4.49%, but the damage had already been done with the slight penetration of the resistance earlier in the session. If the rate had settled above it for a second consecutive day, I’d have shortened the
$ESU26 – September E-Mini S&P (Last:7532.00)
On the weekly chart, the futures have been on a ‘mechanical’ sell signal since mid-June. They seem in no hurry to do what they ought — i.e., fall to the modest, 6959.00 target of the pattern shown. That would equate to a 7.5% correction from these levels and 9.5% from
$CLQ26 – August Crude (Last:69.07)
Last week’s dip below the red line (p=68.75) amounted to just 2.4%, but that’s enough to somewhat darken the picture. For starters, it implies that a rally to the green line (x=73.44) should be shorted with a 78.15 stop-loss just above the pattern’s point ‘C’ high. (I am recommending this
CLQ26 – August Crude (Last:69.23)
August Crude ended the week tap dancing on a crucial support at 68.75. That’s the midpoint Hidden Pivot of a pattern projecting to as low as 59.35. The pattern looked like a bearish head-and-shoulders formation a week ago, but last week’s 19% slide turned the immediate picture even more bearish.
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