The rally died a couple of ticks shy of our 119^05.5 target yesterday, but I wouldn’t suggest shorting there if buyers get second wind this morning, since we nearly always prefer to initiate trades on the first pass. The futures are due for a rest, but it would be quite impressive if they were able to eke out a little more upside first. Ideally, they would pull back to at least 116^28 to recharge, then signal a new leg up with a booster rally of at least 1^11 points.
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