We should guard against getting kicked in the groin while we are busy patting ourselves on the back. The bounce from yesterday’s lows stands to be a strong one, since the 675.50 target has been four months in coming. However, if it gives way easily — say, within the next 1-3 days — look out below! Traders who bought the bottom should take profits on half the position at these levels and be prepared to let a contract or two ride for a potential home-run. _______ UPDATE: This morning’s psychotic price action has been too wild for a judiciously managed long position to have survived, even if the key support at 675.50 remains more or less intact. I say more or less because the low so far this morning, following a run-up to 699.25, has been 673.75. That is sufficient to have stopped out anyone using Thursday’s low as a fail-safe, but it is not quite bad enough for us to infer that the support itself is busted. For that purpose, let’s use a two-day close beneath the pivot, 675.50. My gut feeling is that the intraday breach is already serious enough to be considered fatal. This does NOT mean the futures are necessarily about to fall another hundred points on Monday — only that a major new leg down has been baked into the cake.