The SPX 500 is up about 10 points from Mondays close on the S&P 500. The Spanish bond auction has led to an uptrend prior to the US open. I would remain extremely cautious with this rally as volume dissipates as we approach Christmas. If you take a look at the VIX, you will see that the 25 area plays a support for fear in the market. On August 4th we had a 60 point decline and on October 31st we had a 31 point decline when the VIX tried to break through the 25 support area.The 1,220 area will play as a resistance point and could be a sign of sentiment confirmation.
