Predictably, the futures made their low before the opening, then took mincing steps higher for the rest of the day on short-covering. It was a weaker squeeze than I had anticipated, and it raises the odds that the S&Ps will finish the year mucking around in the thick of a supply zone that has been building for most of the year. I still expect 2016 to begin with a thud and am therefore looking to stake out a short position in the final trading day of the year. Stay tuned — especially to the chat room, since the betting on this vehicle has been hot and heavy.
