Short-Term Target

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Top of the morning to you – – I woke up at 3:16 and finally got down here to get a jump on the day. I'm going to be traveling extensively today (of all days………..) so I won't be at all the prolific blogger.

So I'll come right to the point – – I think a move to about 1053 or so on the /ES makes the most sense now. Since July, this is the 5th "topping" pattern we've had (I put "topping" in quotes, since it has always been followed by a new high). As we say here in California – "is this the big one?" In other words, are we finally topped out, or are we just going to get set up for a sixth "topping" formation?

If we get anywhere close to 1050, I'll be closing out my big shorts, but my myriad little fellows are just going to stay put. But let's face it – this is a somewhat historic day for traders, because we have this completely weird situation where a huge tumble happened on a holiday, and the market's reaction to it is confined to a half-session before a weekend! So that should create some really bizarre dynamics.