1202.37. That's as close to 1200 as the market got yesterday. (For me, the S&P is always "the market") I had a funny feeling about it and mentioned on Twitter that it closed just above the 62% retracement level on light volume (calling the market a "beguiling minx"). I did buy a little there: SSO for one account and UPRO in another. I'm already out of the SSO this morning in the pre-market.
I think the market is gunning for 1231 today. Depending on its internals (advancers over decliners are running 10:1 right now), this could end up being the grand fake out up to 1292.66. We'll see. I may be buying dips soon. It's an impulsive looking move. Obviously or not, 1202.37 is the hard stop for that strategy.
Since I'm writing this after the open, I notice that 1231 was just taken out. The Street will be giddy. Maria Bartiromo will be squirming with pleasure over this Santa Claus rally. Let's not get carried away. Focus.
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