I all but guaranteed a tradable low at 1812.75 yesterday, but if you waited patiently for three hours for the opportunity to gestate, you can be forgiven for losing interest. Neither bulls nor bears would have enjoyed waiting out the hiccup that occupied the better part of the day. There was just six points of movement in either direction to exploit, none of it easy money. The target is still valid but will be too long-in-the-tooth by Tuesday morning to be worthy of promoting. Night owls can still try to leverage this opportunity with an 1812.75 bid, stop 1811.75. Officially, I’ll assume one contract, but you can step up the size if you use camouflage. Let’s put a time limit on this one as well: 8:30 a.m. EST. ______ UPDATE (January 7, 9:29 a.m. EST): Time to throw in the towel on the trade, since bears have spent 90 hours unsuccessfully trying to reach a modest target that was signaled last Friday. Bulls have no energy either, judging from the evidence this morning. Sure, the Dow will open up 80-90 points. But that is really pathetic, considering they’ve had four days to prime and pump the short-squeeze engine. From a trading standpoint, incidentally, the futures are a ‘camo’ long at the moment.
