Staying short this little sonofabitch, even off perfectly timed entries, has proven so difficult lately that being short is probably what we should want to be. Even if not, and assuming a topping pattern is under way that could take yet more weeks to complete, we should be prepared for increasingly vicious swings in both directions. Most immediately, yesterday’s dive remains a work in progress, with a 1405.00 midpoint support and, if exceeded, a 1396.75 ‘D’ target. However, without some more distributive chop Tuesday night, I hesitate to suggest bottom-fishing either number, even via camouflage. Alternatively, there being no ‘external’ lows to leverage for purposes of getting short, I’m going to suggest remaining on the sidelines for now.
