by Rick Ackerman
We should take Friday’s weak payroll numbers with a grain of salt, since they are most unlikely to change the Fed’s hawkish drumbeat of late. I am particularly skeptical of the strong rally in gold, although the current tout suggests maintaining a bullish trading bias as long as the hourly chart stays constructive. The E-Mini S&Ps are another matter, however. Based on the way they’ve rallied or at least remained buoyant regardless of Fed signals in recent weeks, I’ve put out a new rally target for that is intended to stretch the bullish imagination — especially that of permabears who understand that keeping an open mind is the only way we can survive and flourish amidst all the nuttiness.