We are short a single contract from yesterday’s high, 1358.25.  The position can be carried with a cost basis of 1363.00 after we impute gains from a second contract closed out at or near 1352.75. As noted in today’s commentary, although we ordinarily implement a trailing stop when such positions go solidly in-the-green, in this case we’ll swing for the fences.  A fixed stop can be used at 1358.50 for now, but we’ll hold off on a trailing stop until such time as the futures fall at least a hundred points.