One small step for mankind, sort of. When yesterday’s headless-chicken dance subsided, the futures had inched a few satisfying steps closer to the bearish target at 2016.75 that we’ve been using on good days and bad lately. Even if this Hidden Pivot has not been of particular value to day-traders, it has at least kept us from waxing exuberant every time this flying pig’s snout poked above the water line. The target remains valid, although I can offer no easy plan tonight for getting short. If you manage this feat on your own, step up the size when you reverse the position and go long at 2016.75. An initial stop-loss of 1.00-point would ordinarily suffice, but the target has been on the billboard for so long that it might need a little more room. ________ UPDATE (May 19, 8:18 p.m. EDT): No change in my current guidance.
