ESU10 – September E-Mini S&P (Last:1082.75)

I’d said a close below 1082.00 would augur more downside to at least 1050.75, and so the futures coyly rallied ten points off their lows yesterday, barely meeting my criterion with a close at 1079.25.  The price action smells, and tonight’s phony rally has not changed my mind about a 30-point plunge being imminent. Even so, let’s not fail to take heed of the urgent manipulation by DaBoyz yesterday as they attempt to trigger off one more distributive rally before pulling the plug.  First, leveraging lousy news from Cisco, there was Wednesday night’s takedown on zero volume.  Then, They compounded the crime, pulling out the rug Thursday morning on the opening bar to shake out the last of the Cisco scaredy cats.  I doubt there’ll be “good” news sufficient to short-squeeze the nervous Nellies on Friday, but then, DaBoyz need only push the futures to 1092.00 to hang them on the ropes.