No Rest for the Wicked

Index futures are actually up slightly Thursday night — a reminder that even when Armageddon arrives there will still be short-covering bids to keep stocks buoyant.  My immediate price targets for the Industrial Average and the S&Ps imply that there will be at least a moderate follow-through to yesterday’s selloff, with the Dow falling perhaps 170-200 points at today’s lows.  Whatever rally ensues will be a short sale, I should think, but we shouldn’t expect to be able to accomplish this comfortably.