Only the little stuff looks tradable at the moment (i.e., 1o:30 p.m. EDT). Nor are we inclined to hazard a prediction about Wednesday’s action, although, to judge from the glum note that ended Tuesday’s session, the burden of proof will fall on bulls when stocks begin to trade this morning.  Although there’s a Hidden Pivot support at 762.50 that we can use as a downside target if the selling picks up, it’s not sufficiently appealing to warrant bottom-fishing there. ______ UPDATE (2:36 p.m.): The futures traded no lower than 779.00 overnight, denying us a boarding pass via bottom-fishing. The subsequent short-squeeze has exceeded an 808.00 target by three ticks so far and should be presumed bound for at least 814.25 if it goes any higher.

The breach of a midpoint support at 43.94 implies TBT is about to fall to at least 41.13, the support’s ‘D’ sibling.  Let’s be ready to bottom-fish there with a bid for two June 43 calls (TBTFQ). The options should be selling for around 1.60, but I’d suggest using whatever bid is reflected by the market makers if and when this vehicle first touches 41.18 on the way down.

Let’s try to leverage the Comex Gold target by using an analogous support in this vehicle at 88.69.  If GLD falls to that number, buy one June 91 call (GLDFM), stop 88.55.  I estimate the calls will be trading for around 4.60, but you may be able to improve on the price by monitoring the bid/asked spread as GLD approaches the support. This order is good through Thursday.