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Is the Other Shoe About to Drop?

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Bull got pushed back on their heels for a change Wednesday, although sellers were unable to deliver a coup de grace in the final hour. The Dow Industrials ended the day with a 516-point loss nonetheless, unable to extract much yardage from short-covering. We’ve all been waiting for the other shoe to drop, but has it? It seems possible, since three weeks of noodling around failed to push the broad averages to targeted Hidden Pivot highs that weren’t especially ambitious. AAPL, the world’s most important stock, can usually help clarify the mood of portfolio managers, but its performance was mixed. The stock finished down about $3, well off the lows, and remained in the throes of a mild short squeeze just before midnight. If bears have anything going for them it will be the prospect of a weekend with little news to encourage.

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