Last week, the E-Mini S&Ps and Diamonds came within a hair of important rally targets. However, we should treat a still-outstanding target at 14969.26 (see inset) in this vehicle as the most important of them all — implying that the Fat Lady has yet to sing. We already hold a bearish position in the Diamonds, but a last-gasp thrust in the Dow could give us a second opportunity to get short in the E-Mini S&Ps. We might also conisder doubling down in the Diamonds, so stay tuned.
