We caught a low nearly perfectly yesterday, but the bounce didn’t last long enough to celebrate. A four-contract tracking position that kept us briefly in the game racked up a $600 gain before we exited on signs of fresh weakness via a 1669.00 stop-loss. Moderate selling was continuing early Thursday morning, generating downside targets at 1656.00 (p) and 1645.20 (d). Both are shown in the chart, but neither is particularly appealing for bottom-fishing because of their close proximity to prior lows.
