Friday’s whipped-up hysteria failed to surpass even a single prior peak on the hourly chart, let alone the two we require to generate a bullish impulse leg. This is bearish on its face, but we shouldn’t presume to know how DaBoyz will work the crowd on 2013’s opening day, especially since the political eddies, currents and riptides are beyond predicting. My hunch is that, as the unpredictables grow less newsworthy, the focus will increasingly be on an economy about to turn leaden under the massive weight of Obamacare, significantly higher payroll taxes and the end of the dead-cat bounce in housing.
