Don’t Count Bulls Out Yet

I missed an easy call on Friday when I projected 17389 as a worst-case low for the Dow Industrials that day. In fact, there was a clear Hidden Pivot support at 17275 that would have nailed the actual low of the 305-point plunge within a hair.  The implication is that the broad averages have bottomed, at least for the time being.  If so, this would go mildly against my suspicion Sunday night that DaDirtballs were gingerly manipulating index futures higher in order to pull out the rug. My gut feeling is that a rally is doomed, but we’ll let purely technical factors dictate our strategy, since too many others probably agree with me.