Assuming the 1391.25 low is a valid print, tonight’s shakedown ranks as one of the more brazen in the sordid annals of U.S. markets. Notice, however, that the scumbuckets who orchestrated this crime used a 1390.50 low from a couple of weeks ago to apply the brakes.  Because the dive stopped three ticks shy of that low, it failed to achieve the status of bearish impulsive leg on the daily chart. This distinction could prove to be academic if Congress actually pushes our already doomed economy over the cliff.  For now, though, we’ll assume that lower lows are most unlikely in the weeks ahead unless the proposed tax increases and spending cuts are allowed by Congressional inaction to hit full-force. That would be a far cry from the kick-the-can outcome we’ve been expecting, but perhaps we should not have underestimated Obama’s radical zeal for deliberately creating the kind of crisis that only Big Government can “solve”.  Click here to sample Rick’s Picks, the chat room, daily trading ‘touts’ and impromptu online trading sessions for free.