The fascinating — and pathetic — thing about Thursday’s stock-market melt-up was that not a single share was bought by anyone who actually believes the latest supposed bailout plan from Europe will save much of anything. Think about it. What kind of imbecile would buy into the notion that the feather merchants and alchemists can put Europe’s financial house in order by borrowing into existence yet another trillion euros of metaphysical money?  Some of the buying that impelled Thursday’s wilding spree was done by institutional traders who would  lose their jobs were they to resist the flow — or in this case,  the torrent, of misplaced confidence. But the heavy lifting was all short covering, since merely bullish buying is never sufficient to push stock through resistance levels. And you had better believe the pros came in short up the ol’ wazoo on Thursday — and that they mistakenly got even shorter in the early going. With the week drawing to a close, these clowns appear to have learned nothing.