We hold two contracts with an 1178.00 cost basis that has been adjusted to reflect paper gains on half the position already exited. Continue to use a stop-loss at 1205.75, but close out one of the contracts if 1222.00 is reached first. (Note: This is lower than the number originally given.) If the order fills, stop yourself out of the single contract that would remain if the futures create a bearish impulse leg on the 30-minute chart. As we went to press Thursday night, the futures appeared bound for a Hidden Pivot at 1222.25, predicated on a decisive push through the 1215.00 midpoint sibling of that number. If 1222.25 is exceeded by more than four ticks, however, it would portend more upside on Friday to as high as 1230.25. _______ UPDATE (3:56 a.m. EST): We exited a third contract two ticks off the so-far overnight high, dodging a subsequent 6.50-point pullback in the process, when the futures spiked to exactly 1222.50 at around 2:25 a.m. Imputing theoretical gains so far to our remaining contract gives it a cost basis of 1156.00. At a current price of 1218.50, that implies a paper gain so far of $3100 per contract. Set a 1207.75 stop-loss for now, but switch to a 4.00-point trailing stop above 1227.00
