The bottom of yesterday’s selloff came within 30 points of an 11525 Hidden Pivot that can continue to serve as our minimum downside objective. However, any slippage beneath that support would portend more weakness to at least 11355. For anyone looking to catch a trampoline bounce, that number looks like it would be an excellent place to moor a speculative bid with a tight stop-loss. The provenance of both targets is shown in the accompanying chart. _______ UPDATE (9:52 a.m. EDT): The Dow began the day with a not atypical short-squeeze, disdaining to curtsy toward our lowball bid. The thrust was impulsive, implying that whatever pullback that occurs here is just that.
