There was plenty of lunatic energy at day’s end, implying p2=6556 will be easily achieved (see chart).
I stop short of rating D=6620.25 a done deal, however, and an even more important Hidden Pivot target at 6749.00 is still no better than a 50% bet to be achieved. It’s not that I’m turning more bearish, just extremely cautious. The only thing the stock market has going for it is that the economy is weakening, providing an excuse for the Fed to ease. This is a pathetic way to run an economy, but it could conceivably drag out the bull market for long enough to enable stocks to benefit from something even more pathetic — i.e., Santa Claus. Wall Street surely believes in him, even if kids no longer do.
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