Eoin Treacy's view today's key day reversal suggests a peak of at least near-term significance. Following such a remarkably persistent advance since November, I am willing to wager that a process of mean reversion is more likely than not. I opened a short in the September contract at 1649.32 including spread-bet dealing costs. The risk is that this reaction is nothing more than another step in what has otherwise been a relatively consistent six-month uptrend.