The trade-entry tactic that I sketched here last week has worked perfectly, producing a stress-free theoretical gain so far of about $550 per contract if you followed my simple advice. Traders were to have executed a mechanical ‘buy’ on a pullback to a 2084.50 midpoint pivot, using an implied stop-loss at 2078.00 that was equal to a third of the potential gain. As it happened, the 6.50-point stop-loss was unnecessary, since the pullback came down to exactly 2084.50 and went no lower. If you bought there in the way that I’d detailed graphically, you should take a partial profit on half the position near these levels, holding the rest for a shot at the 2104.50 rally target we’ve been using since last Wednesday.

This gambit was intended for traders of all levels of experience. It was particularly do-able because the pullback to 2084.50 occurred, not in the wee hours, but smack dab in the middle of the regular session. Check the chart that accompanied the previous ES tout (archived) to see whether you could have followed my instructions. _______ UPDATE: This flying pig made it only as high as 2101.25 before relapsing 15 points. The mildly failed rally demonstrates once again that there is something seriously wrong with the ostensible health of the bull market.  If you were long all the way up (i.e., from 2084.50), a ‘dynamic trailing stop’ would have taken you out at 2100.00 for a theoretical gain of $800 per contract.