The broad averages are unlikely to get back in bullish gear until the hotties listed on the Nasdaq Index finish correcting. Priceline came in for the heaviest carnage yesterday, but expect the bloodletting to rotate to some of the other high-fliers, including AAPL, AMZN and a just-split GOOG. In any event, today’s tout for the E-Mini Nasdaq provides a precise correction target that could be bottom-fished with a microtight stop-loss. _______ UPDATE (9:18 a.m. EDT): Everything is up this morning. The Goebbelsian ‘news’ that has enabled this short-squeeze is that the U.S. economy created 190,000 McJobs in the latest reporting period. Even allowing for the fact that this statistic was pulled from a hat, it falls far short of the 250,000 jobs needed to grow the economy. But hey, who’s counting anymore. Certainly not the OPM pushers on Wall Street, who live to make hay while the sun lamp shines.
