• Today's announcements out of the EU summit will be key and likely the catalyst for either a year end rally or a stare into the abyss.
  • Importantly but very simply, a break above the 1265-1270 area on the S&P 500 will get us long various stocks from our wish list via Bucket 2: SPY, CAT, OIH, APKT, MMM, EAT
  • A break below the October lows near 1260 would be bearish and we would consider short positions there.
  • We remain in a super binary tape so that's all there is to it.  A break higher and we go long, a breakdown and we short
  • Correlation between most risk asset classes and stocks remains very high…and inverse to the dollar and u.s. treasuries
  • We will update the blog throughout the morning with developments, please stay tuned

 

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