The S&P 500 is only a few points away from 1227. This is the previous high and a possible resistance area. The market has had an incredible two day run...but it started the week with an incredible two day drop. We could continue to see some swings. The market will likely move up to the 1227 area tomorrow. If it does, see if it starts to sell off. If it moves up at the open and sells off later in the day, it could signal a reversal. If the market does start to sell off, look at GMCR and BA as possible bearish trades. I might even look at puts on the GLD...although I would want it to move below its 10 day MA first for confirmation. If we break above 1227, then we might continue the Santa Clause rally right up until Christmas. Ho, Ho, Ho!
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