Bulls and bears went toe-to-toe Thursday night, each pretending to see meaning in President Obama’s jobs speech. Whatever the result of this flyweight slugfest, trying to predict any further out than, oh, 15 minutes seems like an exercise in futility, so I won’t try. If the irrationally-but-barely-exuberant carry the day, look for a continuation toward the 1233.00 target given here earlier. ______ UPDATE (11:37 a.m. EDT): Bears have carried the day, injecting a dose of righteousness (and reality) into Wall Street’s otherwise sordid existence. The futures are down 23 points at the moment, perhaps headed for a bounce at 1157.50, a Hidden Pivot midpoint tied to a ‘D’ target at 1111.25.
