PCLN – Priceline (Last:1251.73)

Priceline went on the warpath yesterday when its deft handlers used a gap-down opening to set the hook for 45 minutes of frantic short-covering. The resulting rally was a humdinger — a 30-pointer that barely corrected before the squeeze resumed in the final half-hour of the session.  The dust had not settled by day’s end, and the stock looked bound tomorrow for the 1259.50 target shown.  That would equate to a nearly 4% move, with most of it taking place in under two hours.  I wouldn’t deign to suggest that getting aboard for the implied last 10 points will be easy, but night owls could get their chance using a ‘camouflage’-style entry off the very lesser charts.  _______ UPDATE (12:31 p.m.):  The rampage had little trouble exceeding my target, implying still higher prices are coming.  Now, the two-minute chart yields a Hidden Pivot projection of 1276.83. This is contingent on a move through the midpoint pivot at 1262.88. That last number will remain viable as a minimum upside projection as long as 1248.93 is not exceeded to the downside.