Putting aside the broad bullishness of today’s commentary, the lesser charts suggest that stocks are too overextended to embark on a new leg up without some sort of pullback first.  The hourly chart of the Dow (see inset) yields only one logical target at the moment, at 9947, but the imagination balks — mine does, anyway — at the notion of another thrust as steep as the A-B impulse leg already concluded. Just in case, though, the midpoint pivot associate with the target is 9703. Strictly speaking, it should serve as our minimum upside objective for the near term.