THE MORNING LINE
‘Guise’
I’m in San Francisco, taking a break from Florida’s insufferable summer heat, but also from my weekly commentaries. Writing regularly about the impending collapse of the stock market, Wall Street hubris and the fatally diseased economy had grown boring and depressing, and so, at least for the time being, I will be substituting more entertaining fare. Recently, I’ve featured paintings by my college roommate, Geoffrey Leckie. This week, I offer the works of another friend, Deborah Oropallo. In the forty or so years I’ve known Deborah, she has broken new artistic ground with each new evolution of her style and subject; then, she moved on when imitators glutted the market she’d created. Deborah has achieved commercial success and fame, including a show at the Whitney Museum. However, my favorite exhibit of her works was mounted by the DeYoung Museum in San Francisco. It was called ‘Guise,’ and the sly overlay above is an arresting example of the theme. If you want to know more about the artist, click here.
Rick's Free Picks
$GDXJ – Junior Gold Miner ETF (Last:90.03)
GDXJ has shredded its way past all lesser targets, leaving just one more, major, Hidden Pivot resistance at 93.89 that comes from the weekly chart and beckons a test. Judging from the ease with which buyers penetrated the midpoint resistance at 78.90, the target is all but certain to be
$TLT – Lehman Bond ETF (Last:89.72)
Bloomberg and other news sources that despise Trump and wish him ill have been asking with increasing fervor whether a recession is taking hold in the U.S. Of course it is, as any middle-class American could have told you. But in this chart, we have a corroborating detail: long-term rates
$MSFT – Microsoft (Last:511.12)
Microsoft could go either way, but we should be able to gauge its mood by paying close attention to the two levels shown in the chart. If the stock moves higher, it would trigger a minor buy signal at 506.6, which could be a good opportunity for a ride to
$ESU25 – Sep E-Mini S&Ps (Last:6589.00)
There was plenty of lunatic energy at day’s end, implying p2=6556 will be easily achieved (see inset chart). I stop short of rating D=6620.25 a done deal, however, and an even more important Hidden Pivot target at 6749.00 is still no better than a 50% bet to be achieved. It’s
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