ESZ10 – E-Mini S&P (Last:1205.50)

A Hidden Pivot support at 1152.25 is equivalent to the Mini-Dow target at 10760 that I’ve recommending bottom-fishing in today’s touts.  It will remain valid as long as 1206.00, the point ‘c’ of the pattern, is not exceeded to the upside. It should also be regarded as a minimum downside objective for the near term. _____ UPDATE (12:31 p.m. ET):  Stocks are on a bloody rampage today, short-squeezed dementedly from the opening bar on news that 93,000 “jobs” supposedly were added in November (about 160,000 shy of the monthly number needed over the next two years merely to recoup jobs lost during the Great Recession).  The squeeze has pushed the futures to a so-far high just above 1206.00, with bullish implications for perhaps the remainder of the year.  If the rally goes just a little higher today, exceeding the 1208.75 peak from November 12, bears should throw in the towel till 2011.