A week of all-but-insufferable tedium produced no moves up or down sufficient to trigger the ‘mechanical’ trade we’d set out to do. Both possibilities remain viable nonetheless, but it may require a high state of alertness early in the session if this trade is going to work at all. Otherwise, we can remain fixated on the unambitious target at 4588.50 — not only as a lodestar for long positions, but as a place to get short if we’ve made a few bucks on the way up. _______ UPDATE (Sep 8, 8:42 p.m.): We’ve seen some potentially serious weakness materialize over the last two days while waiting for what seemed like a juicy short at 4588.50. The target must be regarded nonetheless as a good bet to be reached, since every rally target we’ve used over the last decade has been achieved. Regardless, bulls have looked pretty sickly lately, failing to lift this gas-bag to new highs after getting stopped out four times on the hourly chart. This suggests that shorts ahead of the weekend will enjoyable a favorable breeze, at least for a while. ______ UPDATE (Sep 9, 9:39 p.m.): My post in the chat room early in today’s session caught the day’s gratuitous hump perfectly, although the warning elicited no discernible interest. If you’ve come to the room to trade and make money, then by all means please let me know — and don’t be shy.
