A thousand points here, a thousand points there, and pretty soon we’re talking about a real rally. But is it? I’ll reserve judgment until AAPL, the closest thing we have to ‘the fat lady’, sings. As I’ve pointed out here many times in the past, AAPL is the only stock one need get right in order to get the stock market right. Regardless, there is nothing I can presently imagine that will stop the futures from achieving the 3206.25 target shown in the chart. During today’s session, I’d been eager to get short at p=3069, but witnessing the persistence with which short-covering bears munched through it has made the next upthrust seem all but inevitable. I may try shorting p2=3147.94 anyway, if only because it seems extremely unlikely to stop the charge. The contrarian thing. But I will do so only with risk controlled down to bupkis.
