You know the drill by now, and there should be no illusions about catching some sort of fabulous ride. Practically peaking, what we might catch is a swing low at the 1384.25 hidden pivot of the pattern shown. This is not worth the effort that a diligent camouflageur might expend in attempting to make the trade riskless, or very nearly so, and I will therefore counsel bottom-fishing with a 1384.50 bid, stop 1383.75. You’ll be on your own if it fills, but I wouldn’t recommend taking a position home over the long weekend. _______ UPDATE (11:59 a.m. EDT): This one filled perfectly, since the futures bottomed this morning at exactly 1384.00. Tracking a four-contract entry, I’ll recommend exit two of the contracts now for around 1394.50. That will leave us with two and a profit-adjusted cost basis of 1373.50. Stay tuned for a further update today, since we may actually take these home over the weekend.
