Those ugly targets way down below are still valid, but it looks like the Indoos want to vamp for a few more days, bobbing and weaving like a punch-drunk fighter, until shorts have been wrung lifeless. We’d start to take the rally seriously, however, if DJIA closes for two consecutive days above 9105. That’s a Hidden Pivot midpoint from the hourly chart, and I have reproduced it alongside for your interest. _______ UPDATE: Stocks have gotten savaged overnight — a little healthy profit-taking, as Kudlow might say — and it looks like the Plunge Protection Team, unable to work its magic, has deferred to circuit-breaker limits to do their work. In this vehicle, the midpoint pivot associated with the uglies down at 6195 is 7995, so we’ll make that latter number our minimum downside objective for today.