An hour or so before yesterday’s close, a hawk-eyed pivoteer found the 1521.25 target show in the chart. Alas, the futures titillated with a last-minute push to 1520.25, leaving too little time to initiate a trade with any hope of exiting comfortably before the close with a gain. Even so, the analytical usefulness of the target remains, since, if it fails to contain short-covering this morning, we should brace for panic buying that could push the futures as high as 1562.25 over the near term.  In case you’re interested, that target comes from the hourly chart, where A=1346.00 (May 26).