It’s taken a whole week to get there, but it looks like the futures will finally hit a 2088.25 target that has seemed all but ordained from the outset. Stocks have routinely been feinting lower on the openings, then spending the remainder of the day recouping lost ground on gossamer volume. Yesterday, however, the familiar second act of this tedious dog-and-pony show never happened. Instead, the futures relapsed and stayed down until the final seconds of the day, when a weak short squeeze goosed them eight points higher to facilitate distribution during the night session. This sort of weakness begs to be shorted, but even if you manage that feat, the futures would be a scalp-buy at 2088.25. If that Hidden Pivot is hit in the first 90 minutes, however, it would give the futures a chance to bounce and then relapse again into a dive even nastier than Thursday’s.
