If you’re going to heed bullish advice, wouldn’t you rather it come from a die-hard permabear who hates the market no matter what it’s doing? With that in mind, let this permabear note for the record that yesterday’s blitzkrieg rally surpassed no fewer than THREE external peaks on the daily chart (see inset), generating the wickedest bullish ‘impulse leg’ we’ve seen since February. And there’s potentially more;  for if the rally should continue for yet another day or two without correcting, it could conceivably knock off two more peaks, including the all-time high, adding nitroglycerine to the implied power behind it.

Meanwhile, a denizen of the Rick’s Picks chat room reiterated some advice he left earlier: “I will again state that this market will not drop hard from here until sometime after the midterm elections; I said the same thing in early September and then again in October. When this market drops however, it will fall harder and farther than anyone believes. No graphs, charts, or moon cycles foreshadows this — just pure politics.”

Okay, then: A little more giddiness for now, presumably peaking on, or shortly after, November 5, when investors will exhale a huge, collective sigh of relief.  As why should they not, since voters will have utterly repudiated the destructive, ideologically poisoned ideas of the worst President in U.S. history? Obamacare alone has all but clinched this judgment, and the law’s exorbitant costs to nearly every American household may ultimately prove to be the catalyst that sends the market into the epic plunge we’ve long anticipated.

From a trading perspective, I would suggest that you continue to follow Rick’s Picks’ daily updates. Yesterday’s E-Mini S&P tout, for one, came within two ticks of nailing the 1956.75 low of what turned out to be a 24-point rally. Here’s the recommendation exactly as it went out to subscribers the night before, when the futures were trading around 1960.00: “…a pullback to the midpoint pivot at 1956.25 should be used by night owls as a speculative buying opportunity.” Could you have made hay with that?  See for yourself with a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world. _______ UPDATE (10:13 a.m. EDT): Here’s a guidance update, since some subscribers reported doing the trade — which is currently profitable —  in the chat room.  By now, you should have taken off half the position at p=1983.25, leaving two contracts with a 1979.00 break-even. Tie them to an impulsive stop-loss on the 5-minute chart. At the moment, that implies stopping yourself out on an uncorrected downdraft exceeding the “external’ low at 1979.00.  Good luck, since, this being a Momentous-News-From-The-Fed-Day, holding the position could prove to be an hours-long ordeal.