by Rick Ackerman
The broad averages have been in a tedious sine wave since early April, notwithstanding some wacky feints triggered by Yellen’s deliberate dithering, posturing and obfuscation. Hidden Pivot traders, aka Pivoteers, cannot be caught flat-footed by minor and intermediate-term trend changes as long as we stay focused on the lesser charts where price reversals necessarily occur first. Unfortunately, this takes more patience than most of us can muster, and so it is inevitable that we’ll be caught napping occasionally when stocks take a tradable dive or bounce. In any event, my gut feeling is that a breakout, rather than a breakdown, lies ahead. We can only hope that we haven’t been lulled into coma before it happens.