Stocks were in gas-bag mode as the class began, providing us with a timely and exhilarating opportunity to predict exactly where the short-squeeze would end for the E-Mini S&P. Our guess got us within two ticks of the actual high – alas, not quite close enough to trigger the short from 1078.25 that we’d agreed upon. We also pored over Comex Gold’s charts on a day when bears were heavily on the offensive. The August contract was down more than $20, but the daily chart was reassuring us that this was healthy and bullish – a correction, probably, rather than the start of a major downtrend.
