A manic two-day short-squeeze from Monday’s bombed-out lows met heavy supply on day three, thwarting bulls who may have hoped to get it all back before the week ended. Layers of stock from the previous week’s heavy chop remain solid and thick, and there’s no telling how quickly, or even whether, buyers will chew through it. But if they do and it requires less than the five days it took to pour the concrete circled in the chart (inset), that would imply new all-time highs are coming. We’d have to respect the trend at that point, but not necessarily the seemingly crazy idea that the bull market is headed much higher. _____ UPDATE (Sep 28, 4:53 p.m.): Bears turned docile midway into the session,  failing to convert a promising selloff into a bloody rout. They’ll have another chance, probably soon, but it could require a nasty rally first to crush short-covering chumps who are preventing a memorable collapse commensurate with the bull market’s extraordinary excesses. ______ UPDATE (Sep 30, 6:15 p.m.): It looks like the jig is up for the sleazeballs who have been short-squeezing stocks every night on zero volume, since even the dumbest, most panic-sticken bears aren’t going to fall for the same, stupid con four nights in a row. Stocks reversed today off Wednesday night’s phony waft and closed on the low of the day. Incredibly, there are apparently enough suckers around at 6:20 p.m. to levitate index futures slightly into the black, but the supply of them is about to dry up. Look for real carnage on Friday, of the sort that leaves investors fearful over the weekend.  I will be bottom-fishing in the discomfort zone nonetheless, but only for a high-leverage scalp-trade with penny-ante risk.