Yesterday’s gratuitous swoon should have killed any eagerness we might have had to buy this vehicle. I went a step further in the chat room, recommending a short to scalpers that could have been covered for a small profit by day’s end. Now the futures appear headed down to the 1175.60 target shown. The most likely place for a tradable bounce to occur, or possibly even a trend reversal, is the 1187.20 midpoint support shown. _______ UPDATE (11:09 a.m.): The futures bounced $8 after having gone no lower than 1188.30 overnight. The move is of no consequence, technically speaking, and the 1175.60 target will remain viable until such time as 1198.60 is exceeded.
