All Bow To 1225

The market looks to be cooperating with self-fulfilling prophecy.  If enough people say 1225 is important, it becomes important.  If you’re bearish here, you can’t like the way we’re magnetizing to 1225.  This type of behavior makes me think that the number will break to the upside.  With 2 trillion (or, gazillion or nothing — who knows.  Besides, the numbers don’t even make sense anymore) dollars coming into the market via European QE, the money will have to go somewhere.  I don’t like commenting on every wiggle in the S&P, but bears need the market to back off pronto.  Otherwise we’re heading higher in the near term.  Personally, I think the long-term bearish thesis still has a higher probability.

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