A 56.02 downside target remains valid, so continue to bid for four June 56 calls if our number is closely approached. A 55.87 stop-loss is appropriate. _______ UPDATE (June 6): Cancel the trade, since a new downside target at 55.54 looks more promising. I’ll recommend buying four July 57 calls if and when that number is closely approached. The new stop-loss should be at 55.38. Note: The turn could also come from 59.64, a secondary Hidden Pivot. _______ FURTHER UPDATE (10:08 a.m. EDT): Off a so-far low this morning of 55.45, we bought four calls @ 0.57. Maintain the stop-loss as given, since DaScumballs who sold us the calls have tipped us to their possible further weakness by opening them on a rapacious high. _______ FINAL UPDATE: We ditched the calls for a small loss when this little brick fell back to earth after rallying 30 cents from our entry point. The breach of the Hidden Pivot support, slight though it was, portends more weakness ahead. Bulls could reclaim the advantage, however, with a push on Thursday exceeding 55.77.
