The futures spent the week screwing the pooch, unable to muster the very modest rally it would have taken to ‘guarantee’ further progress toward 2680.50, our minimum upside projection for now. Did Friday’s timid thrusts above the 2650 midpoint pivot change the odds? Only slightly, as far as I’m concerned. However, if and when buyers push the futures decisively above the red line, we should infer that a follow-through to 2680.50 is imminent. I will recommend shorting there with the usual tight stop-loss of perhaps a point or two only to those who have made a profit on the implied rally. The opportunity to do so could gestate on Monday via a ‘mechanical’ bid at the red line. The trade is recommended only to Pivoteers who know how to use this tactic, but if you don’t and you are interested in the details, stay tuned to the chat room. (And please note that we’ll be switching to the March contract this week.) ______ UPDATE (Dec 11, 6:19 p.m. EDT): Today’s push above the red line surely qualifies as decisive (see above), implying that the 2680.50 target is all but a lock-up. Short there only if you’ve made money being long on the way up. If two or more subscribers report such in the chat room, I will consider establishing a tracking position.
