Bulls made a solid effort yesterday to get something going, but it will take more than a 157-point Dow rally to re-engage our interest. Yes, we still have that unachieved target at 13045, a Hidden Pivot that lies 250 points above the recent record high. But it looks like the Matterhorn relative to the lows recorded earlier this week, and in any event we don't fancy jumping aboard at these levels just because a few pundits took yesterday's surge as evidence that bull-mania had returned. (Click on chart to enlarge) Even so, we're obliged to acknowledge that it would not take much to make true believers of us, if only for the few weeks it might take for the Industrial Average to reach 13045. Specifically, we'd need to see the Dow Industrials push above the 12351 peak shown in the chart above, preferably before Friday. Given that the peak sits just 144 points above yesterday's close, our challenge could be chopped liver as early as this morning, even before Wall Streeters have had their second cup of coffee. We've set an alert on our trading chart a hair above 12351. If it's hit, the prospect of yet another record high in the Dow would become something less than a longshot -- much less, as far as we're concerned. And if, better yet, the benchmark is hit in the early going today, a follow-through to new all-time highs would start looking like an even-money bet. *** Want to Forecast Like a Pro? Plans for the first online Hidden Pivot seminar are nearly complete. The two-day event will be held via Webex in late March or early April, most probably on successive weekend mornings. There will also be at least one lengthy Q&A session to follow, just as there has been on
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