Old timers might remember a day when such carnage as we witnessed yesterday in Cisco might have caused more than the piddling drop that occurred in the Dow and Nasdaq indexes. Assuming that that’s as bad as things are going to get for now, we’ll look for the E-Minis to go bounding higher today, drawn magnetically toward our 1356.00 target as Icarus toward the sun. The futures never even made it down to a 1313.25 midpoint support where, during an impromptu online session yesterday, we had determined to get long with a three-tick stop-loss. A bullish impulse leg created on the 30-minute chart toward the end of the session was squandered when a lesser, bearish one ensued, leaving night owls and camouflageurs to discover what they will. The chart accompanying comments under ‘Today’s Action’ shows what a near-perfect buying opportunity might look like. My short-term bias as of around 7:30 p.m. EST was very slightly bullish, but a print at 1320.25 would turbocharge it. _______ UPDATE (10:14 a.m. EST ): It took all night for a camouflage trade to develop, but if you want to see what pportunity looks like, check out the A-B impulse leg that finally signaled the turn. On the 30-minute chart, A=1310.00 at 5:30 a.m. EST; and B=1315.75 at 9 a.m. All three coordinates are single-bar, and they indicated a 1314.75 buy-stop entry a little more than 30 minutes into today’s session.
