Bulls forged effortlessly higher on Friday, suggesting they’ll have little difficulty achieving the 2874.75 target shown in the next day or two. Actually, at the rate Wall Street’s favorite hot-air balloon has been ascending, it could be halfway there by Sunday night. Assuming the futures go no higher than around 2844.00 first, they’d become a mechanical buy on a pullback to 2811.75, stop 2790.75. A move to the target would equate to about 300 Dow points, which presumably would leave the Indoos just shy of the key peak at 28,800 recorded before they took a second leg down in late February. It would be a logical place for the broad averages to die rather than continue to new record highs, so caution is the watchword. _______ UPDATE (August 8, 9:51 p.m.): Bulls and bears were locked in a vicious pillow fight Wednesday, pushing the futures whither and thither but ultimately nowhere. I will hazard no predictions for Thursday._______ UPDATE (August 9, 3:22 p.m.): Zzzzzzzzz.
