Repeat

Repeating from yesterday:

At some point, this market is going to need a rest, too. But I don't see it coming under 1242.82 before getting up to, and possibly over, 1292.66. There could be a small retracement somewhere, but I still feel the S&P will confirm the Dow which broke above its Oct. 27th high last Friday.

The market is doing today what I was looking for yesterday. A possible area for a test is 1254 on the S&P. Much below that, and 1242.82 will begin to loom larger. Below 1242.82 would spell doom for the bulls.

I notice President Obama will nominate Harvard economist Jeremy Stein to an empty seat on the Federal Reserve's board of governors. That's a Harvard guy for you, running to another Harvard guy when the chips are down. Once there, Stein can report to another Harvard guy, Ben Bernanke.

I find it humorous that my friend Chris in Chicago has had a "no Harvard" policy at every company he's worked for since the 1990s. Every single one.