A bearish target posted in the chat room yesterday morning caught the intraday low by two ticks, implying that the rise and fall of the broad averages is still more or less predictable despite hysterical volatility. A key clue — useful yesterday in bullion as well — came in the form of small rallies that had failed to exceed minor peaks impulsively. Today’s all-but-certain flatulence would encounter Hidden Pivot resistance at 1260.50 if stocks move higher, or at 1242.25 if lower. _______ UPDATE (2:28 p.m. EST): The expected flatulence, which took the familiar form of a do-si-do of gratuitous ups and downs, has topped so far at 1260.25, a single tick from the bullish target noted above. If you got short, cover half now and manage the rest catch-as-catch-can.
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