Thursday was hell of a short squeeze after the shorts got "Obama-ed". That is a new verb used for days like today when Obama announced a Socialist housing plan to subsidize mortgage payments to troubled homeowners. As a result, the "free" market went nuts and we erased the 225 pt loss in the Dow in an hour.For Friday I think we can rally higher into the weekend as no shorts wanna be short into a 3 day weekend, especially with Obama pulling out his guns. The pivot is at 823.75. We are trading in the mid 830s currently after hours and I think as long as we stay over that pivot then we rally into the 840s perhaps. There is a long ambush 50% retrace trade down at 819.50, but I think the pivot is the line in the sand and should dictate the path of least resistance going into Friday.
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