The rally begun last Friday blew past no fewer than five peaks on the hourly chart without a pause, so I have my doubts that the shakeout in progress Thursday night would mutate into disaster. More likely, as noted in the ES tout, it’s just a set-up for a short-squeeze. It might take yet another reversal on the auto bailout to bring that about, but stranger things have happened on Capitol Hill. Remember, these guys aren’t keen on spending their weekends hard at work.