The rally has made a mockery of the headline on today’s commentary.  At the same time, it suggests that shorts had grown complacent, since bulls have never been capable of mustering this kind of buying power. Nonetheless, we must respect the fact that the upthrust is bullishly impulsive on the hourly chart and that it could go all the way to 1240.00 before hitting a Hidden Pivot impediment (A=1177.25 on November 30, B=1266.00 on December 8 = 1240.00 ‘p’).  The proximal cause of this short-squeeze is an apparently successful auction of Spanish debt and an uptick in housing construction.  Interestingly, the uptick is mainly in multifamily apartments, implying that the powerful bull market in residential rentals is starting to get legs.