When stocks are nitwitting their way blithely higher as they did on Friday, we tend to lose perspective. Check out the weekly chart (inset), however, before you get carried away by last week’s presumably pointless excitement. That said, because the rally hit the green line of a legitimate bullish ABCD, we need to pay heed. That means that p=4135.00 should be used as a minimum upside target for the near term, with D=4345.00 held in mind as a worst case (for bears, that is). Price action at the lower number will be crucial to determining how much gumption bulls have left. Those of you who live to get short after missing out on 100-point rallies can certainly attempt it at p, but keep in mind that you’ll have a profit to cushion your stop if you make a few bucks on the way up. As always, if you are inclined to bet against the trend, I recommend using a risk-averse trigger such as is possible with rABC set-ups. _______ UPDATE (Mar 7, 4:55 p.m,.): Powell’s hawkish words weighed heavily on stocks the whole day. This is despite the fact that every trader and pundit on Earth knew what he’d say. That’s one reason that I think the steep selloff will end at somewhat lower levels on Wednesday.  An important low sits at 3925.00 that will hold, implying that the theoretical buy that triggered today will make money. The 4135.00 target given above will remain theoretically viable as long as 3925.00 holds. For explicit and potentially tradeable details, check out the recording of today’s impromptu session. The link will be out shortly, emailed to everyone. _____ UPDATE (Mar 9, 5:10 p.m.) Check out the discussion in the chat room for a detailed , time-stamped discussion of the dead-center, 3909.50 bullseye in today’s forecast and its possible bullish implications for Friday. ______ UPDATE (9:15 p.m.): The 3909.50 low held for all of three hours before giving way to slippage to a so-far low at 3900.25. Ordinarily I would say this is a sign of extraordinary weakness still percolating beneath the surface. That’s possible, of course, but I still think there’s a perhaps 40% chance of a Pearl Harbor attack on bears, triggered by an utterly meaningless, inscrutable jobs number that will be interpreted nevertheless as being more bullish than ‘expert’ expecters had expected.