E-Mini S&P

We remain short from 1363.00, shooting for a gain of at least $5000 per contract. The futures have picked up support from a longstanding target at 1310.00 but look too tired to bounce.  Accordingly, I'll continue to advise scalping against the downtrend (and, effectively, against our position) by bidding 1303.25 for two contracts, stop 1302.50.  Since the canny dirtballs who work the night shift can move this pup on very light volume, you should be on the alert for a bottom that falls a tick or two shy of our target. Camouflage would be the way to go under the circumstances, since it has the capability of getting us aboard regardless of whether the futures reach the target. _______ UPDATE (11:05 p.m. EDT): The futures have rallied from a low of 1302.50, stopping out the trade for a loss of $50.  The overshoot may have seemed slight, but it is probably sufficient for us to infer that the rally won't amount to much.

The futures flirted with our bid without quite reaching it, denying us an opportunity to scalp against the short position we continue to hold.  Today, try bidding 1303.50, stop 1302.75, but if you cannot trade "against the box," check for an alternative elsewhere in today's touts that would allow the use of equity options to bottom-fish. We are short a single contract with a cost basis of 1363.00, shooting for a gain of at least $5000 per contract.  Holding the position will almost surely necessitate tossing out my usual, meticulous risk-management parameters, but it's high time we stretched for extra bases.

Late Sunday night, the futures looked bound for 1309.00, a Hidden Pivot support that can be bottom-fished with a 1309.25 bid and a stop-loss as tight as 1308.50.  If the stop is hit, though, look for the weakness to continue down to at least 1303.25.   We continue to hold a single-contract short with a 1358.25 stop-loss and a cost basis adjusted to 1363.00 after we took a partial profit on the original trade.  We're swinging for the fence on this one and plan to forego a trailing stop until such time as there is $5000 of theoretical profit per contract in the position.

We'll stand pat with our short position, tuning out the unwatchably tedious process of accumulation/distribution currently under way. The futures are headed either slightly higher or much lower, but we are all but certain in theory to book a gain regardless of which. We went short two contracts at 1358.25 but now hold one with an effective cost basis of 1363.00.  Forecast for Friday:  Like, who cares?

Today's tout for the E-Mini S&P implies that more upside is a foregone conclusion.  However, shortly before 4 a.m. EDT -- 90 minutes after the tout was published -- the futures were off 2.50 points, hinting that DaBoyz are trying to prop them up, not shake them down to bargain levels.

The high of yesterday's rally and the six hours of sideways pooch-screwing in after-hours trading have fallen just shy of Monday's 1341.25 peak, suggesting that buying enthusiasm is dubious at best.  No matter, though, since the resistance seems likely to be surmounted by yet another volume-less short-squeeze overnight or on the opening.  The thrust would have to clear the look-to-the left peak at 1347.00, however, to get on our radar. We remain short one contract from 1358.25, stop 1363.00.

Hidden Pivot novices will find this session relatively easy going, since we used some basic techniques and terminology to determine the prospects of Comex Gold and Silver over the near- to intermediate-term. We found tradable possibilities in each before moving on to the lesser charts of the E-Mini S&Ps. 'Camouflage' trading ideas and tactics got a good workout, since some markets that we follow closely were in actionable trends that day.

The 1310.00 downside target is still valid, as is the bottom-fishing strategy given here earlier:  buy 1310.50, stop 1309.50.  Yesterday's price action may have bored would-be traders death, but you need to be aware nonetheless that an upward reversal without the futures' having quite achieved the 1310.00 downside target would pose a menace to bears.  This would occur today on a 1341.50 print, provided the thrust to that number is unpaused once past the 1332.00 peak shown in the chart. We remain short a single contract from 1363.00, stop 1358.25.

We're short the E-Mini S&P from last week's high, but I've provided a strategy for going long 'against the box' to take advantage of an attractive downside target where a strong bounce seems likely.  There are two ways to play, but if you are unable to buy ES contracts against those you are already short, you can hedge with SPY calls as advised. The short should be maintained in any event, but please note there is a stop-loss on the prospective long.