Buyers made slow headway yesterday toward our 1215.00 target, but we can use another, lesser Hidden Pivot at 1184.00 today to get a more subtly nuanced reading of their gumption (or perhaps lack thereof). That Hidden Pivot should show enough stopping power to be shortable, so we’ll do so officially with an 1185.25 stop-loss. If you can work the trade using camouflage, that could help to cut down the risk even more. _______ UPDATE (10:31 a.m. EDT): We were stopped out for a theoretical loss of $63 per contract when the Da Boyz short-squeezed the opening bars to 1188.50. It proved to be a bull trap, since the futures fell 25 points in less than an hour. Practically speaking, this little bit of nastiness was absolute perfection, since it not only made it unbearable for shorts to stick with positions initiated yesterday or overnight, it made it darned near impossible for bears on the sidelines to catch what would have been a very profitable ride south. There were no short-entry spots for camouflageurs even on the one-minute chart.
