Tuesday higher

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Tuesday higher, low confidence.
• ES pivot 1889.00.  Holding above is bullish.
• Rest of week bias uncertain technically.
• Monthly outlook: bias higher.
• ES Fantasy Trader standing aside.

Recap

This Memorial Day evening we present an abbreviated version of the Night Owl, primarily because I spent it watching TCM instead of the stock market.  I saw two great movies, Twelve O'Clock High and arguably the best movie ever made, The Best Years of Our Lives. That's one of the nice things about being your own boss - you can goof off and no one's going to give you a hard time about it.  So I'm just going to cut to the chase and present my prediction for Tuesday without the usual chart rundown..

Accuracy:

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    5      10      6           0       0.333     64
February   5       2      2           1       0.750    107
March     12       3      6           0       0.800    431
April      9       3      5           0       0.750    482
May        6       6      4           0       0.500    -49

     And the winner is...

It's of course always somewhat problematic doing predictions for holiday shortened weeks, but the day after Memorial Day is historically pretty strong and the futures seem to be supporting that idea tonight.  So does last week's higher close on building momentum and other rising indicators.  So I'm just going to call Tuesday higher.