Some quick thoughts before we get this party started...
There is 'some' S&P resistance near 1084-1086ish (the upper Bollinger band--it's been good--and the overhead trendline from the highs in September, October, November and December). That will be the first area of contention for the Saddam glom, as will NDX 1450-55 (yearly highs).
I'm being told that much of the short base was taken out on Thursday (hearing it's a 3 out of 10) so the fast money buyers may be limited in nature. The sustainability of this move will be a function of conventional accounts putting money to work and, perhaps more importantly, the continued lack of motivation by the sellers.
Look for an early fade from the opening highs and then we'll see what's what in the scuttlebutt. The graphics on television (Dow 15,000) and the bravado of the bulls (Hoofy is wearing cashmere) piques my interest on the short side but the opening print may not be the best entry. As I said earlier, regardless of your view and/or posture, timing is particularly important today.
Please note that the dollar has given back most of its gains and gold is crawing back some of its losses. Europe is well off its highs (it'll key off the stateside ride) and Fokker is taking final RSVP's for the holiday bonanza on Wednesday!
Hit 'em hard!
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