The usual drivel from the Fed triggered the usual short-squeeze rally on Wall Street. Imagine what the trade-desk wackos would do if Yellen actually said something! As things stand, they were able to milk Thursday’s non-news for 138 Dow points. The squeeze has brought into focus a 2030.25 target first broached here in mid-September. The target can still be used as a minimum upside projection, but because of the poor quality of the a-b impulse leg, I wouldn’t count on a precise hit. Anything above it would increase the magnetic pull of the old highs while stirring up the animal fears of shorts. Most immediately, night owls may have difficulty getting aboard, since the steep rally will have attracted more than a few bulls. Best bet: Wait till the 2000.75 low recorded at 3:45 p.m. ET is taken out before you leap.
