Several feints higher in the last week have done little more than trap bulls looking for a breakout. None of the rallies exceeded the two external peaks labeled in the chart, casting doubt on the enthusiasm and buying power of bulls. This is no problem that yet another flurry of buying wouldn’t cure, but until it happens we should reconcile ourselves to more humdrum price action — or possibly the futures taking the path of less resistance and heading lower. Were that to occur, we could expect M
