The futures are understandably skittish about taking the celebration to a new level, but they seem equally unable to give up ground with so much bank-system liquidity aggressively seeking refuge. What’s a permabear to do?  It is predictable than any shorts who have hung on for the last eight months will reap maybe three days of pleasure when the stock market finally falls apart. But no one can say exactly when that will happen, and we will need to occupy ourselves in any case as we wait for seasonal exuberance, such as it is, to run its course.  For the moment, expect another head-butt near 1112, since yesterday’s selling did not even reach the 1076.00 midpoint support of the corrective pattern shown in the accompanying chart. _______ UPDATE (1:29 p.m. EST): With 30 minute remaining in the session, the futures were — big surprise here — head-butting 1112. The intraday high so far has been 1111.75, and it was followed by a pullback to 1107.50.  The rally is most surely bullishly impulsive, having surpassed every peak but one (1113.00) going back two weeks.  Expect DaSleazeballs to keep the pressure on shorts Tuesday night.