After pickpocketing widows and pensioners yesterday via a fleeting head-fake on the opening, DaBoyz turned Citi shares sharply south, wiping out half of the ill-gotten gains achieved two days earlier via a very nasty short-squeeze. The stock's 2.5 percent drop does not bode well for the market as a whole, since the banking behemoth is the best proxy we have for the smoke-and-mirrors business that has come to define global commerce, such as it is, in the 21st Century. (Click on image to enlarge) We'd raised the prospect here the other day of a DJIA rally to 15,000, but our heart was not in it, as you may have surmised. In any case, we remain duty bound to look for even the subtlest sign that the bullish outlook has come a cropper. That's what seemed to occur yesterday, when, even with the larcenous head-fake on the opening, Citi failed to pierce the 49.00 high made at the nanosecond apex of Wednesday's short-squeeze. Had that number been exceeded, the stock would have created a promising bullish impulse leg on the daily chart. Alas, it failed to do so. Similarly, the Dow Industrials needed to surpass ' but did not -- July's 14021.95 high to revitalize a bull market that looked to have received its coup de grace back in August. Extra Inch Analytically speaking, the Hidden Pivot method we use shares a simple but very useful rule with Elliott Wave Theory -- namely, that a correction is to be viewed as a correction until such time as its starting point has been exceeded. In this instance, were a DJIA rally to surpass the old record high by as little as 0.01 point, that would suffice to redefine the entire rally from mid-August's low as a bullish impulse leg. But until such time
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