Yesterday’s tout got it just right with the idea that once shorts’ cahones get caught in the ringer, there is no way out for them other than via a murderous short squeeze. Thursday’s nasty little ripper was more than I’d expected, since the futures ultimately exceeded my minimum rally target at 2050.75 by eight points. It took a truly murderous squeeze to get there, though, since the futures plunged to 2019.25 on the opening after reaching 2047 in off-hours trading overnight.

So where to now?  My hunch is that things will be relatively quiet on Friday, mainly because short-covering bears were likely depleted, if not to say deservedly dead, at the final bell yesterday. Notice as well that the high in the final minutes came within two points of fulfilling the 2061 target shown. Since we should always be prepared for the unexpected, however, let me offer 2096.00 as a rally target if the criminals who rig this game decide its feasible to end the week with yet another short squeeze. The futures could pull back to as low as 2033.00 first, however, before the heist got under way.