I’m providing tracking guidance for two short contracts whose cost basis has been adjusted upward to 1413.00, reflecting partial profit-taking on an initial pullback to 1397.25. Continue to use a fixed stop at 1408.25 for one and at 1411.50 for the other. On a one-cancels-other basis, you should also plan to cover one contract at 1391.00. Check out the chart as well, since it shows how the rally of the last two weeks has created the kind of impulse leg that we might otherwise use to get long at some point in the near future. In fact, despite our speculative short, the bigger picture remains undeniably bullish. _______ UPDATE (12:06 p.m.): Moments ago, and not unexpectedly, we were stopped out of the last of four contracts, coming away from the trade with a theoretical gain of $262. We’ll look to re-short this pig, and to re-short it again and again at even higher levels, whenever a low-risk opportunity is there to make money even if we are “wrong.”
