We gap down to start the day, because of worries out of Europe . The underinvested bulls stepped up but more bad news late took us below the 1240 SPX level that had been heavily defended recently. This opens up the door to 1220 to 1230 on the S&P 500. If we close below that Santa might have to postpone his trip. Sure we will get some sort of oversold bounce before Thanksgiving if we continue to fall, but that may be an opportunity to lighten up. It may be another two way trade early in the morning tomorrow. Oil looks interesting as a short after continually running up; commodities tend to trend so use caution.
