12/31/12 - EOD Update

60 Min 

I've mentioned over the past week or two to be prepared to be whipsawed on the fiscal cliff issue and that the bulls had a chance to surprise to the upside.

So far the market may be confirming that. The bulls are not out of the woods yet but they managed to close the market over the 20 and 50 day SMAs.

Daily

The bears may just be setting up a right shoulder so we should keep an eye on that.

If the bulls are here to play, 1474 should be their minimum target if they are going to run with this. We'll see.