Waiting for the futures to make a marginal new high within our targeted range of 2114.25 to 2117.25 has become tedious — so much so that it undoubtedly has sapped the bearish appetite for getting short. That is of course Mr. Market’s implicit design, but there’s no way besides hunkering down on the lesser charts round-the-clock to be ready for the opportunity, especially if it comes without a final, fleeting head-fake to our target. Scalping from the long side is another matter, however, and I continue to recommend this as a way of building a profit cushion in anticipation of getting short. Currently, that would imply bottom-fishing at D=2085.25 of the pattern shown (see inset), with a stop-loss as tight as three ticks. This will probably work best for night owls, since the Hidden Pivot support may prove too delicate for the usual opening-bell histrionics. _______ UPDATE (9:08 a.m.): We did nothing on the order, which should be canceled. The futures traded no lower than 2091.50 overnight before staging a moderate rally. Bulls have given up a third of it ahead of the opening, but stocks are still buoyant if not ebullient.
