The buy-the-dips crowd was out in brute force Thursday, presumably scared witless that they might miss the next big rally. Wall Street’s characteristically humorless burlesque began with a steep selloff early in the day, followed by a sharp bounce into the close that left shorts once again begging for mercy.  After being down more than 30 points in the early going, the E-Mini S&Ps surged to close off less than 10 points.  Ordinarily I would be dismissive of the rally because it came from a too-obvious place — i.e., just above the v-shaped low created exactly week earlier by a vicious but fleeting selloff.  However, given the urgency of this evening’s short-covering, and the fact that no dip that has occurred since 2009 has been other than a great buying opportunity, I’m prepared to see the December contract hit a marginal new record high to end the week. This is a more bullish outlook than I aired just an hour ago on Facebook. But judging from the ratcheting desperation behind tonight’s ascent, my expectations have changed in favor of bulls. _______ UPDATE (Nov 10, 8:54 a.m.): An overnight correction bound for as low as 2558.50 (click here for chart) has bounced from the pattern’s midpoint support. The rally would need to exceed the 2582.00 ‘external’ peak shown, however, to suggest bulls are about to go back on the warpath.