‘Deranged’ is perhaps the best way to describe yesterday’s rally on Wall Street, since it flew in the face of the worst economic news America has had since The Great Financial Crash.  GDP growth for the first quarter was revised downward to negative 2.9%, the most dramatic decline in a non-recessionary quarter since the Guvmint began tracking this statistic in 1949. No less perverse is the steep rise in consumer confidence, even as the retail sector sinks into a funk that has cast a pall on the earnings outlook of Walmart, Target, Kohl’s et al.  For our part, we’ll continue to do what we’ve been doing all along: riding the rallies to Hidden Pivot targets, then going short with tight stops when those targets are reached.