Priceline has just become the first S&P stock to hit $1000.  Judging from the way it is now consolidating the recent surge above a clear midpoint pivot at 988 (see inset), PCLN seems very likely to head still higher in the days ahead.  Since the 1048.32 target looks like a very high-probability number, traders should position from the long side until it is reached. However, it’ll be a juicy short if and when that moment arrives, and bulls as well as those who have held no stake should be ready to fade the rally at that time. My suggestion would be to lay in some vertical put spreads then, but I’ll have more-specific advice at the appropriate time. _______ UPDATE (October 2, 9:53 a.m. EDT): The stock has blown through our crystal-clear target with such force this morning that a much higher target at 1128.20 must now be regarded as Priceline’s bull-market destination. It is derived by simply sliding the point ‘A’ low of the pattern shown down to 791.15, a key low recorded in June. If you were long from $1000 based on my earlier advice, you shouldn’t have much trouble remaining long for another ride of $75.  _______ UPDATE (October 8, 3:00 a.m. EDT:  Use the 1032.24 Hidden Pivot shown as a target for this correction, keeping in mind that even a small overshoot would suggest there is more selling to be spent and therefore even lower prices ahead.  The target can be bottom-fished nonetheless, preferably by using camouflage on a chart of 15-minute degree or less. _______ UPDATE (October 10): The 10% selloff begun a week ago from 1074 has generated a robustly bearish impulse leg on the daily chart (see inset) while also exceeding the 0.618 Fibonacci line associated with the steep rally from late August’s lows. We’ll be better able to judge whether it’s merely a correction or perhaps something worse once we’ve seen how the second leg down develops. If the bull is still healthy and alive, the C-D leg should reverse from near its midpoint pivot. _______ UPDATE (October 14, 10:43 p.m. EDT): That all-important midpoint lies at 977.15, a Hidden Pivot that you can bottom-fish with the tightest of stops. If it’s hit, however, the stock could slide all the way to 925.86 before finding traction. Note in the new chart that the recent rally bearishly stalled at the p resistance of the larger pattern we used originally to project a possible bull-market high. _______ UPDATE (October 15, 9:18 p.m. EDT): This stock can be useful for day-trading, but as a spectator sport it’s starting to get boring. Let’s avert our eyes for now. _______ UPDATE (October 18): The stock is back in bullish gear, but I’m revising my minimum rally target down to 1085.19, since the stock seems so acutely aware of the p midpoint with which the target is associated (see inset).  Because the midpoint has been decisively exceeded, your trading bias should be bullish at the moment.