Although the futures were nominally a ‘mechanical’ short from x=1164.40, we’ve learned to back away from or scratch the trade when they are as reluctant to follow-through with a drop to p2, as is occurring here (see inset). Although this is not quite sufficient to cause us to wax bullish — that would take a pop above c=1169.60 — we at least have reason to take encouragement. However, if sellers succeed in pushing down to p=1159.20 overnight, you could bottom-fish there with a bid a tick or two above the pivot and an 1158.90 stop-loss. ______ UPDATE (10:07 a.m. ET): With a Whoopee Cushion bounce from 1160.50, the futures narrowly avoided our bid this morning. We’ll back away for now, since gratuitous spasms in both directions have been too wacky for all but the very nimblest traders. _______ UPDATE (9:13 p.m.): Set your snooze alarm for 1178.80, since that’s where this trading vehicle’s trance-inducing dirge, now entering its tenth day, would start to look interesting.
