We began the day with what looked like a high-odds correction target at 1259.10. Instead, the futures turned sharply from 1260.50, a bullish event that became even moreso when the Auggies began pushing past some ‘external’ peaks on the intraday charts. By the end of the session, they had generated a bullish impulse leg with the potential to produce a follow-through to as high as around 1275. Much as I like the pattern, I don’t quite trust it because the intraday high was below Monday’s twin peaks. Under the circumstances, the only strategy for getting long that I can recommend would be via a ‘counterintuitive’ trigger like the one sketched. _______ UPDATE (Jun 15, 12:55 a.m. EDT): We’ll back away until the nut-jobs responsible for Wednesday’s flaky price action have moved on to another game.
