Targets well above these levels that were flagged a couple of weeks ago are in play at the moment, the futures apparently having completed a consolidation just above the 664.50 midpoint resistance associated with the lower of the two. Our immediate ‘D’ objective lies at 753.50, but as noted here previously, anything decisively above it will imply 791.50. To get long, even camouflageurs will have not be at their most alert, since this is not IBM, or the E-Mini S&Ps, or any of the other vehicles that are usually easy pickings for us. It is in fact one of the most cagey and devious vehicles we could look to trade, since it is the bread and butter of a thousand guys whom you would never want to play poker with. For starters, you’ll find that entry prices will be exceeded on gaps and that, even on the five-minute charts, multiple ‘c’ lows will be carved out before this quintessentially nasty little critter takes off.
