It’s a struggle to believe that this tedious, two-week hacking-cough-of-a-consolidation is going to produce anything resembling the moon shot we might expect after so lengthy a pause. Assuming the futures go lower in the first place, my minimum expectation would be 11921, the ‘D’ target on the pattern shown. It can be bottom-fished with a stop-loss as tight as four ticks. ______ UPDATE (2:11 a.m. EST): The futures have slithered up to a so-far high at 12141, but if they hit 12156, short there with a three-tick stop-loss — better yet, short 12155, a tick below the Hidden Pivot, with a four-tick stop-loss. Best bet: Start looking for a camouflaged downturn when 12151 is reached. ______ UPDATE (9:15 a.m. EST): The futures topped overnight at 12148 — seven ticks from our offer — before plummeting back to 12062, so officially we did nothing.
