Yesterday’s tout turned out to have been unnecessarily wary of a short-squeeze. Why no ambush? As I’ve suggested in today’s commentary, perhaps the bears who played patsy for Tuesday’s big rally had misgivings about the supposed significance of the news concerning Spain’s last bond auction. For Wednesday night, the only intresting opportunity that beckons right now is a bid at the 1226.50 midpoint of the pattern shown. Camouflage is preferred, using an entry point on a chart of lesser degree, but if you’d prefer the easier route, placed a 1225.75 stop beneath your 1226.50 bid. You’ll be on your own if this one fills. Please note that a move overnight above the 1239.50 point ‘C’ would invalidate the trade.
