The futures spent the entire day playing toe-sies with an 1881.50 rally target disseminated on Wednesday. Some subscribers reported getting short, but they’ll need some luck to hang onto the position. Although it took this gas-bag several days to hit our number, suggesting that short-covering is weak at the moment, this is unlikely to last. Pullbacks have been shallow, keeping bears pinned to the ropes, and it will take a nasty downdraft as the week draws to a close to put bears in the comfort zone come Monday. Stranger things have happened, of course, but it would be passing strange for a downtrend to unfold that lasts for more than a few days.

I’ve broached a 1945.00 target if DaBoyz should bully their way to new highs in the week ahead. Although I am unable to imagine a good reason for such an explosion, I’ve learned over the last five years that no reason is needed. More immediately, since the E-Mini ended the day in the throes of a pattern that was impulsively bearish on the 15-minute chart (targeted on 1872.50, where A=1880.50 at 1:10 p.m. EST), night owls should trade with a bearish bias. (Please note, however, that this endeavor could prove dicey, since bears are having an awful struggle holding this little sonofabitch down in after-hours trading.)  Another tactic would be to bottom-fish the target — or ‘a’ target — with the goal of racking up sufficient gains on any ensuing rally to cushion the stop on the next short.