We side-stepped yesterday’s carnage by scratching a bullish call position when the short-term technical picture began to darken. Specifically, I’d suggested exiting if a bearish impulse leg was created on the 5-minute chart. This occurred on the opening, allowing us to spectate through the worst part of the selling. It seemed pretty vicious — the futures were down nearly two points at the lows — but in the context of the 180-minute chart (see inset), it looks no worse than a routine correction. The intraday low occurred at 129.13, but as you can see, there was a little room left for a full correction down to the 128.90 target. This is a Hidden pivot support that I disseminated in the chat room intraday, along with an alternative one at 128.60. Subscribers can bottom-fish at either, although the second looks like a somewhat better bet. Use a 128.62 bid for 400 shares (or call options as an alternative), stop 128.53, day order. _______ UPDATE (April 19, 11:44 p.m.): We did nothing, since this vehicle reversed sharply after having gone no lower than 129.44.
