ESM10 – June E-Mini S&P (Last:1169.00)

Now that we have Sunday Night Opportunism figured out, meaning we “know” that it always pays to fade the trend just ahead of a new week, we can hoot and guffaw as shares move higher tonight. With the futures currently up 3.50 points, the implication is that DaBoyz are reading weakness, backing away from their offers so that widows and pensioners can foolishly chase the index futures higher.  So what to do? Although I rarely suggest playing fast and loose, because we are short one contract, effectively from 1220.00, we can afford to gamble a little. Continue to use a fixed stop at 1171.25, but make it o-c-o with an order to cover the short at 1144.00.  The worst we can do, in theory, is come away with a $2400 profit. If you are on board, continue to check for updates, since I may decide to let our profits run if the futures come down hard. _______ UPDATE (1169.25):  The futures rallied overnight to within a single tick of our stop-loss, but the selloff since has been too shallow to suggest DaBoyz are about to loosen their iron grip on shorts’ cahones. In any case, we’ll simply stick with our plan, using the stops given above.