Yesterday’s rally left me wishing for just a little more, the better to get short at a fat price. However, since we seldom get what we wish for in this game, perhaps we should resign ourselves to either a wicked squeeze that guts bears before topping; or more likely, given the glum earnings reports for Q1, a continuation of the tedious ups and downs that have characterized this bull since last December. Most immediately, however, we should bring a bullish bias to our trades, since yesterday’s somber rally generated a positive impulse leg on the lesser charts (although not on the hourly). Caution is warranted, since Freaky Friday conditions will obtain — but also because anyone who tried to leverage the ostensibly bullish pattern shown became road kill.
