THE MORNING LINE
Gone Fishin’…
I’m taking a 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. If you’ve been waiting for the black swan to arrive, it could be right under your nose.
Rick's Free Picks
$TNX.X – Ten-Year Note Rate (Last: 4.59%)
Friday’s powerful thrust was global, and it put rates on the U.S. Ten-Year note on course for a run-up exceeding 5%, the highest they’ve been in nearly two decades. It is market forces driving the rise in yields, and although Trump may be able to convince some that the consequences
$CLM26 – June Crude (Last:105.42)
June Crude has broken above the 104.64 Hidden Pivot Midpoint where I’d told you to expect a crucial test of resistance. The intraday peak on Friday was just marginally higher, but it is sufficient to imply the 120.62 per barrel target is no worse than an even bet to be
$ESM26 – June E-Mini S&P (Last:7432.25)
The chart imagines that Friday’s impressive selloff was just the start of significantly more weakness to come. But notice that the worst case is 6795, a 10% haircut that wouldn’t even qualify as a bear market. This scenario is a step ahead of reality, however, since the downtrend has yet
$GCM26 – June Gold (Last:4561.90)
Friday’s dive added to the insufferable tedium that has characterized the bullish pattern shown. Its 5144 target has been a guiding feature for two months, not that that has helped much. A strong dollar has been weighing on gold and will likely get worse, according to some prognosticators. Bullion prices
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