It took buyers nearly five hours of diligent head-butting to get past the 254.06 Hidden Pivot resistance I’d flagged here Friday. The tedium allowed subscribers to savor the put options they’d bought for around 1.20 before DIA fist-pumped its way to a marginal new high that stopped out our short position for a loss of about $84. I am reluctant to infer that such a feeble short-squeeze could be the beginning of a further push to the 257.09 target shown, but I’d come around if DaBoyz can close this hoax above 254.06 for another day or trade higher than 254.84 intraday. We can try to get on board belatedly via a ‘mechanical’ set-up if the opportunity arises, so stay tuned to the chat room and Rick’s Picks ‘Email Notifications’ if you care.______UPDATE (August 6, 2:57 p.m.): Today’s modest but effortless move higher has shortened the odds of DIA reaching the 257.09 target noted above over the near term. ______ UPDATE (August 8, 8:45 p.m.): DIA’s leap to 256.75 earlier in the week brought it to within 0.34 points of the target, but that’s not close enough for us to consider it fulfilled. If you’ve made money being long on the way to 257.09, you can short there aggressively using out-of-the-money puts that expire in 5-12 days. Stop yourself our if they trade for 20% less than you paid. _______ UPDATE (August 12, 5:08 p.m.): Buyers sputtered out at 256.76, a scant 0.33 from my target, causing DIA to fall sharply as the week ended. The target is still valid in theory, but since we don’t usually try to leverage sloppy seconds, I’ll suggest backing away from the trade suggested above.
