It is on days like yesterday that we get a finely calibrated sense of how unfathomably stupid are the forces that move the markets.  Draghi said the central bank would do whatever it takes to defend the euro-zone, and the markets took flight.  Does anyone actually believe that quantitative easing will rescue the region that, in the throes of deepening recession, is sliding toward bankruptcy? No matter.  Corporate earnings took a back seat to Obama-style “hope and change,” triggering a short-covering rampage in the euro and in stocks around the world. From a technical standpoint the move in the euro was strongly impulsive on the hourly chart, and so any weakness in the days ahead should be viewed as prelude to a follow-through bull leg.  We’ll watch closely to see how that second leg interacts with the ‘p’ midpoint of a pattern like the one shown. Traders should stay tuned, since I will put out an intraday alert if a low-risk opportunity to get short should develop. To receive such alerts, you need only check the E-Mail Notifications box on the My Account page.  Want to learn how to nail swing highs and lows yourself? Click here for details about next week’s Hidden Pivot Webinar.