ESM11 – June E-Mini S&P (Last:1320.50)

Late Sunday night, the futures looked bound for 1309.00, a Hidden Pivot support that can be bottom-fished with a 1309.25 bid and a stop-loss as tight as 1308.50.  If the stop is hit, though, look for the weakness to continue down to at least 1303.25.   We continue to hold a single-contract short with a 1358.25 stop-loss and a cost basis adjusted to 1363.00 after we took a partial profit on the original trade.  We’re swinging for the fence on this one and plan to forego a trailing stop until such time as there is $5000 of theoretical profit per contract in the position.