Yesterday’s burst of exuberance on the opening proved short-lived — a reminder, perhaps, that the Keynesian boost the economy will receive from rebuilding what the hurricane destroyed will be heavily countered by a debt implosion that has finally begun to weigh on corporate earnings. The rally was nonetheless bullishly impulsive and will remain so as long as it doesn’t sink beneath its starting point, Monday’s 1393.00 low. Camouflageurs may find opportunity zooming down to the 3-minute chart once the p midpoint shown has been exceeded. _______UPDATE (10:45 a.m. EDT): On the 3-minute chart, in pushing past the 1411.25 midpoint, the futures popped a nicely tradable pattern, A=1409.00 (9:33 a.m.), B=1413.75, C=1411.25. If you took the 1412.25 entry signal, take a 50% profit now, around 1422.50, and let me know in the chat room so that I can establish a tracking position for your further guidance.
