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 – 10-Year Note Rate (Last:4.69%)
One might think manipulating yields on the Ten-Year Note would be beyond the reach, even, of Donald Trump and those who serve him in the shadowy corridors of financial power. And yet, each time the interest rate moves in earnest toward the psychologically hazardous 5% level, it swiftly retreats as
CLU26 – September Crude (Last:78.18)
Friday’s muted rally stalled just a penny from the 78.78 midpoint Hidden Pivot resistance shown in the chart. This could hardly have surprised, since none of the wack-os who trade crude could conceivably know what kind of fake rabbit Trump will pull out of his hat over the weekend. By
$GCZ26 – December Gold (Last:4399.70)
Did gold’s bear market end with the 4016 low recorded a month ago? We’ll likely have a definitive answer next week if the powerful upthrust of the last two days continues, exceeding the 4465.90 peak shown. That would mean the futures had exceeded two ‘external’ peaks on the weekly chart
CLU26 – September Crude (Last:86.80)
Trading in NYMEX Crude won’t start for another hour, so I’ve had to imagine a pattern to predict how things might turn out. It is a foregone conclusion that quotes will open significantly lower, since Trump, as fully expected, has announced on a Sunday yet another ceasefire. This dog-and-pony show
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