Okay, don’t rub it in:  No guts, no glory. We cashed out a small short position yesterday for a theoretical gain of around $1300 (not $600, as erroneously given earlier).  I’d originally considered holding out for a profit of at least $5000 per contract, but discretion has trumped valor, possibly sparing us the pain of watching all of our gains go up in smoke just so that we could tell our grandchildren that we shorted THE Top.  We shorted “a” top, however, and we aim to do it again…and again…and again, until such time as we nail the actual Mother of All Bear Rally Tops.  How much have we risked trying?  That’s a question you can ask in the chat room if you’re skeptical.

In the meantime, we may see some good opportunities to get long in the days ahead, since the futures look bound for at least 1387.50, a 40-point rally from current levels, if they can close above 1346.00. They were wafting above that midpoint pivot in after-hours trading, but because this also put them above May 19’s marquee high at 1345.50, subtle opportunities for a “camouflage” entry were going to be tough to find nil.  Incidentally, if you don’t subscribe to Rick’s Picks but would like to know more about the proprietary camouflage trading technique that we use to keep entry risk to a bare minimum, click here for information about the Hidden Pivot Webinar in late June.  You could also take a free week’s trial subscription that will give you access not only to detailed trading recommendations each day, but to a 24/7 chat room that draws experienced traders from all over the world.