The S&P ran right thru the 200D SMA, and not by coincidence the S&P is now in positive territory for the year. There is an outside chance that we get a monster, no-volume, lift thru year end. Come 2012, we'll find that Mr. Claus' present was coated in lead paint from a Chinese factory. Europe is feeding the ducks with news flow, but it won't be enough to support the 100 S&P points we've been gifted since Thanksgiving. That being said, GOOG is within 10 points of its 52W high, and could break higher as managers panic into ‘defensive growth' to squeeze a few more basis points out of any lift to juice their YTD numbers.
In small cap land, I’m watching the move in Odyssey Marine (OMEX) – as there looks to be some pressure on the shorts. Given Craig-Hallum Capital’s $5 target and multiple catalysts – this could be an epic squeeze. For example, one recovery could result in excess of 4 tons of gold coins ( Page 37). Seeking Alpha lays out some of these catalysts. Very interesting to see how this plays out.