No sooner did I mention that El Toro is long overdue for a rest than, voila!, the Dow drops 77 points, closing on the low of the day. This suggests we are likely to see some more selling into week’s end. My latest update for the E-Mini S&Ps offers a precise benchmark for gauging whether the downtrend is turning menacing. _______ UPDATE (Dec 15, 9:29 a.m.): Menacing?  Not today, evidently. Index futures are trading moderately higher just ahead of the opening bell. Although this may turn out to have been distribution, it is too timid to suggest that anything interesting or different might lie in store for stocks today. They seem eager to waft higher on autopilot as usual, with obvious help from short-covering bears.