Fatigue set in yesterday, thwarting DaBoyz’ best efforts to stop out shorts. Instead of the usual, maddening marginally higher highs, we saw a series of descending peaks that bears may have found as invigorating as they were novel. Whether the pessimists have been emboldened as well could determine how the week ends, since even a hint of smugness would suffice to set up a squeeze to marginal new highs. I offered a 2005.25 Hidden Pivot (see inset) for bottom-fishing in the chat room toward the end of Wednesday’s regular session, but at the moment, prospects look better for a ‘mechanical’ short from 2014.75. The implied stop-loss would be at 2018.00. _______ UPDATE (10:59 a.m.): Squeezed by meaningless remarks from Draghi, the futures took off ahead of the NYSE opening after dipping no lower than 2008.50. Few shorts will have survived this silly effusion — and that, of course, was its purpose.
