The S&P 500 tested the old resistance, now support on the SPX at 1221, and bounced hard. Industrials, refiners and banks held in well. Tonight we get more info out of Europe . The longer we hold above 1190-1210 on the S&P, the greater the probability we see higher prices during the fourth-quarter.
All that came out of this much-anticipated summit was general understandings with the actual details yet to be worked out, but some talk that China may invest in the bailout gave the bulls more bullets. Perhaps Europe is not saved is a good thing for the market and we can continue to go up on rumored large government stimulus.
