Enjoy the rally, but count on me not to get terribly excited about it, at least not yet.  If this is the real deal, we should see an effortless extension of the bullish impulse over the next two or three days.  That means taking on any or all of the four unbreached peaks immediately above on the hourly chart. It will require a  nearly $50 thrust from here to get past the bunch, the topmost of which lies at 1168.90 and the most immediate of which is at 1142.90.  Let’s use the higher number as a “bullish-as-all-hell” benchmark for this first week of 2010.  For those who remain anxious, let me note that the rally is already impulsive on the daily chart (see inset), and that the bullish implications thereof will hold as long as the futures don’t relapse below 1086.60.