Friday’s dirge provided yet more evidence that the bull is dying. With weekly options expiring, even undercapitalized pishers can do 100,000-share conversions and reversals all day long without risk. And yet, for all the phony volume, the day was over by mid-session, when the E-Minis peaked three-hundredths of a percentage point shy of a 6907.50 target that had been drum-rolled here for nearly two weeks. It was nearly seven weeks in coming, and so we might have expected a significant reversal when it was hit. Instead, the futures fell a measly 40 points, caught a tired bounce, then leveled off for the rest of the day. I hesitate to say a top is in, much less the top. But if the irresistible force that has been pushing stocks skyward since 2009 re-emerges on Monday, as is likely, be prepared for more-of-the-same up to at least 6925.00, a Rick’s Picks voodoo number.
ESZ25 – December E-Mini S&P (Last:6880.50)
