Bulls won by decision yesterday, recouping losses and then some after getting hammered beneath a midpoint support in pre-dawn trading. Once again, the gains occurred against a backdrop of lousy Q2 earnings, making buyers’ performance seem more impressive than the relatively modest point tallies they were able to rack up. After the bell, this vehicle appeared headed precisely to the 1690.25 rally target shown in the chart. Since that implies just 4 points of upside, however, the more attractive trade could be a short from the target. To keep it simple, I’ll recommend a non-camouflage entry — i.e., just a straight offer of a single contract at 1690.25, stop 1691.25.  You’ll be on your own if the order fills, but keep in mind that the initial 1.00 point of theoretical risk will require you to shoot for a profit of at least 3.00 points ($150) on the exit. _______ UPDATE (9:54 a.m. EDT): Last night’s feeble rally stranded our short offer when it topped at 1689.00, just shy of the target. The E-Mini’s failure to achieve a relatively modest objective suggests it is unlikely to rally by much today — but neither is it likely to plummet, since the opening thus far has been too boring for words.