A Contrarian Play

Two key rally targets remain, respectively, for the E-Mini S&P and the Dow Industrial Average: 2299.00 and 19727. These Hidden Pivot resistance points do not synch up, for reasons spelled out in today’s touts. In fact, if the S&P futures were to reach their target, the Dow would be trading for around 20,000. Although that last number is not on my radar technically speaking, from a psychological standpoint it would become magnetic and all but inevitable once the Indoos push decisively above 19727. A melt-up on Friday is all it would take. Since no bear would want to take a short position over the weekend, that might be exactly the way to go — i.e., purchasing a few cheap puts as you might a half-dozen lottery tickets.