To paraphrase Tinkerbell, 'A little more fairy dust, and u-u-u-p we go!' We boasted here yesterday that we could short the market almost risklessly no matter how strong it acts, and so we did. Our trading vehicle was the Diamonds (DIA), an ETF that tracks the cash Dow average point for point, and our precise target was 132.00, a Hidden Pivot. The Diamonds fulfilled the forecast almost exactly with a powerful surge on Wednesday's opening to 132.10. This allowed us to buy October 130 puts for 3.20, somewhat less than anticipated. For the next six hours, DIA was unable to rally more than a hundredth of a point above the initial target, and briefly pulled back to as low as 131.35. However, with 30 minutes left in the session and no real sellers in sight, DaBoyz seized the advantage, popping DIA above the morning lows to an intraday peak at 132.40. On a stop, we unhesitatingly exited our options at that time for 3.00. The niggling loss we incurred was not without value, since the outcome told us exactly where the Dow is likely to head next. We'll try shorting there as well (see Rick's Picks for the exact number), risking the usual nickels and dimes to try and catch what could always turn out to be an important top. Since the rally target is also our minimum upside projection at the moment, there may even be an opportunity for us to run with the crazed herd for a few hours. That's about as bullish as we get these days: bringing ourselves to 'like' the market for an hour or two at most ' provided it keeps generating bullish impulse legs on the 15-minute chart. Drop all the way down to the one-minute bars and it would be fair to
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