DIA – Diamonds (Last:103.74)

I have a hankering to take something short over the weekend, but if you agree, you’ll do better picking your own spot on-the-fly rather than using mine based on a Thursday-night guesstimate. Nevertheless,  if the Diamonds rally on the opening without having exceeded yesterday’s 103.59 low, you should take your shot at 104.86, a midpoint pivot. So that you can adjust if opening-bell weakness obtains, I have included a chart that shows the relevant pattern. ______ UPDATE (104.17): A head-fake on the opening to 105.27 was shortable, although the modest selloff that followed over the next few days would not have produced much in the way of gains.