The 12032 target shown in the Dow chart below is what Rick's Picks calls a 'hula number.' So confident are we that this Hidden Pivot support will be reached, and soon, that if it is not, we'll don a grass skirt and dance the hula in Times Square in the middle of February. The target implies a 360-point drop from current levels, and although that might not sound like anything to cheer about, it could prove to be just a small downpayment on what comes next. For beneath it is only one further support we consider worth noting, a Hidden Pivot at 11208 that lies a whopping 824 points lower. Optimists that we are, we'll probably try bottom-fishing if and when the blue chip average gets there, since we expect a tradable bounce. However, if the Dow should settle below 12032, or trade more than 15 points beneath it intraday, we'd likely exit the position and saunter toward the fire escape. In our daily forecasts we try to keep technical analysis separate from real-world concerns, since no manifestation of rational human behavior could be farther from observable reality than the stock market. But if we were looking for evidence to support a bearish outlook, we would cite the recent disjunction between the price of oil and the performance of the broad averages. Stocks obviously came under pressure as crude quotes made their way toward recent, record highs near $135. But now that oil's world-impaling spike has begun to recede, touching a low yesterday of 121.84, the stock market has yet to breathe the ostentatious sigh of relief we might have expected. Where, we might ask, is the celebratory short-squeeze rally? Could something else be troubling Wall Street? Glue-Horses A possible answer to that question surfaced yesterday in the form of
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