The rally lost momentum by mid-session yesterday, although stocks did not subsequently fall apart.  Night owls can risk three ticks bottom-fishing the 1259.50 target shown, but please note that the too-obvious structural low at 1257.75 makes this gambit less than ideal.  ________ UPDATE (8:08 p.m. EDT):  Just as we were about to publish this tout, the lunatic fringe goosed the futures to a so-far high at 1272.50 — equal to point ‘C’ of the pattern shown in the chart. Assuming the hysteria is driven by good news concerning Japan that has not yet hit the tape, and that the rally continues, we should look for it to continue to at least 1278.25, a Hidden Pivot resistance that can be shorted with a 1.00-point stop-loss.  Camouflaged “longs” can also be attempted on a marginal breakout above 1272.50.  _______ FURTHER UPDATE (3:44 a.m. EDT):  Driven by short-squeeze hysteria tonight, the futures have shredded every minor Hidden Pivot on the intraday charts, even as they proved too gutless thus far to take out Tuesday’s 1283.50 high. Let’s try shorting again at 1294.75, stop 1295.25, but if the trade fails, keep trying using targets from the hourly chart.