Now we’re supposed to believe that U.S. stocks dropped yesterday because Wall Street was somehow “concerned” about Italy’s election results. The stock market hasn’t been much concerned about anything for four years, so why start now?  Whatever the case, the mainstream media, wrong about nearly everything, is saying that Italian voters’ implicit rebellion against the status quo is weighing on U.S. stocks.

I’d prefer to think the market plunged yesterday because it was up on Friday, and because violent intraday swings will remain the norm until the topping process is complete.  As I’ve been shouting here for weeks, this is a perfect place for a major top to occur, not only because there’s a cluster of important Hidden Pivot targets at or very near current levels, but because Obamacare is about to crush the life from a painfully narrow recovery that was already starting to sputter out.  And let’s not forget that there was that fabulous rally in January — the kind of bull-trap hubris that the mainstream media loves to run with. We may find out soon just how high TBTB can pile manure.