Index futures have opened Sunday night with their usual headless-chicken flourish, gapping down the equivalent of 130 Dow points. This was a pretty tame compared to the hysterics we’ve seen the last four or five Sundays. But then, the news concerning Greece was pretty tame as well: Germany & Friends appear resigned to let Greece drop out of the eurozone for a while, presumably until the Greeks get their act together in some as-yet-unspecified way.  There was talk of Greece having to pony up $50 billion euros as a good-faith escrow to pay off its debts while Brussels acts as a de facto bankruptcy trustee. As bankruptcies go, this one seems about as soft as the bankers could conceivably devise, and no one was actually using the B-word.

From a technical standpoint, and strictly speaking, the futures were a short when they fell back to 2058.75 after rallying off the heavily manipulated, opening-bar low (see inset). However, they looked so comfortably buoyant that we should probably focus on bullish opportunities instead. Specifically, I’ll recommend bottom-fishing with a 2053.25 bid, stop 2051.75.  The trade is recommended for night owls only, since nuttiness could revive briefly when stocks open Monday morning, putting a delicate Hidden Pivot support under more stress than it might be able to abide. _______ UPDATE (11:54 p.m. EDT): The Whoopee Cushion bounce off tonight’s heavily engineered low has negated the buying strategy detailed above. Even so, I doubt that the rally will make much headway above Friday’s 2074.75 high. Consider shorting a single contract at 2078.75, a minor target that went unfulfilled last week. A 2080.25 stop-loss is appropriate, but you can trade this one more aggressively if you use camouflage.  If you’re uncertain how to do this, ask in the chat room for guidance. _______ UPDATE (10:12 a.m.): Buyers blew past 2078.75, stopping out the position for a $75 loss. The move is robustly bullish on the hourly chart and points to as high as 2106.75 over the near-term, provided the midpoint pivot at 2093.75 can be surmounted. FYI, p2=2100.25, derived from A= 2061.50 at 3:00 a.m. this morning.