Armed as always with perfect knowledge, the “market” violently reversed Friday’s damage yesterday.  Were they reacting to the message that Japan might, sort of…ease?  Who knows?  We can only sympathize with traders who are forced to extract droplets of meaning from such announcements. They should be glad they are not reporters paid to do the same with Paris Hilton’s escapades.  Anyway, I’ll use this post to reiterate a 140^20 target given earlier for the September contract. Interpolating to December yields an equivalent at 138^27, or 140^16 if any higher.