After Monday’s tedium, the futures are so quiet tonight that one could almost mistake them for cuddly. In fact, they are more likely the critter in Alien, poised to explode from one’s stomach if left unwatched for just a minute or two. For now, we’ll continue to use a Hidden Pivot resistance at 1708.75 as a minimum short-term rally target. The futures will get there in a trice if the news is good, although truly bad news — more Fed easing, yay!!!! — could tend to slow their ascent somewhat. For your information, due out Tuesday are reports on 1) consumer prices; 2) industrial production; and, from the National Association of Home Builders, 3) the housing market index for July. You can learn to do this stuff yourself. Click here.
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