Most of yesterday’s short squeeze occurred over about 30 minutes of the six-hour day. However, what we should notice is that at the end of the day, all of the buying had failed to exceed Wednesday’s high. That doesn’t mean it couldn’t happen today — only that there was no real guts behind the push. If the squeeze is to turn more menacing, though, we should see the futures push above 844.50 early today and then find support there. That would allow a consolidation for a thrust, presumably, to the 882.75 target associated with the 844.50 Hidden Pivot midpoint. Night owls can try bottom-fishing at 833.50, although the rally could conceivably come from the 839.50 midpoint associated with that number, a minor-trend ‘D’ target. _______ UPDATE: A little more than halfway into Friday’s Follies, we have have seen one of the stronger short-squeezes in recent weeks. However, since the overnight low occurred three points above our bid, we were spectators when the futures took flight.
