ESU10 – September E-Mini S&P (Last:1066.25)

September E-Mini S&P (ESU10) price chart with targetsYesterday’s vaporous hoax-of-a-rally gathered irresistible force as such rallies nearly always do — on almost-nonexistent volume, in the dead of night.  It took bears three hours to regain their footing after the ambush, but by day’s end they’d succeeded only in bringing the futures back to unchanged (or thereabouts).  I continue to favor the short-side — fervently — since Mr. Market has been making it damned near impossible to get short.  I’ve also got Steve Puetz’s cycle date in mind and mentioned it in the chat room.  He notes that the eight biggest crashes in history have all occurred 3-6 days after a full moon that occurred within six weeks of a solar eclipse. That implies a June 20-29 window in this case — and hey, I’m not superstitious myself, but where’s the harm in laying in a small, speculative inventory of puts ahead of the weekend.  In the meantime, I’m not going to suggest anything clever to get short today, since all it would have taken yesterday was to have laid ’em out just beneath the in-your-face high at 1102.75 recorded on June 4.  Sometimes being devious and diabolical requires only that Mr Market do the obvious.  Yesterday’s little trick was right out of Poe’s  “The Purloined Letter”.