Now wasn’t that rally special! Our friend Mike Schurr alerted me Wednesday night to the pattern shown, instantly solving the mystery of why the futures were refusing to go any lower despite evidence that the world economy is rapidly going to hell in a hand basket. Buyers briefly changed their deranged minds in the early going Thursday morning, surrendering the modest gains that had been achieved overnight. But when they caught a whiff of bull manure emanating from the energy patch, where crude was in the throes of a dead-cat bounce, the short-squeeze on Wall Street was off and running. And although it may have seemed impressive at the time, notice that it didn’t come even remotely close to surpassing any peaks of significance on the lowly hourly chart (inset). Another short-covering hoax? Yes, probably. Even so, we’ll stand aside Friday and let it do its thing, since you can never tell what kind of craziness will seize the proletarian mind ahead of a three-day weekend. My gut feeling is that the bear market is still too young to be generating the kind of short squeeze rallies that will cause bears to jump off ledges. Whatever happens as the week draws to a close, the Rick’s Picks chat room will offer a ringside seat and technically illuminating, if shamelessly biased, commentary. Click here for a free trial subscription that will let you join the fun for two weeks.
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