The Dow has a clear rally target at 12572, although the lengthy sideways movement since mid-February suggests bulls are not in great shape to take their epic hoax to a new level. Hoax or not, we can continue to look for a breakout, and to play it with relatively little risk, by focusing on impulse legs that develop on charts of 15-minute-degree or less. Alternatively, if the Indoos drop dead, reconciling themselves with natural law, look for the first air pocket to hit 11876. _______ UPDATE (3:20 p.m. EST): With the Indoos off as much as 240 points so far today, it’s become pretty obvious which of the two targets is going to get hit.
