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Volatility is picking up and it looks like it may stay this way.
Our view is to sell the early rally and buy weakness, keeping in mind what's happened on the close the last two days.
Is it possible to see some profit-taking in late December? Sure it is, but we just do not see this train coming off the tracks anytime soon.
While the word "bubble" has been thrown around a lot lately, the idea is really not that far out.
After closing higher 12 out of the last 15 sessions and rallying 122 handles since the Oct. 9 low of 1640, it feels like it may be rest time for the S&P.
Unless we get a few bad economic reports or weak earnings it should be status quo until the Fed headlines hit the tape.
Sell the early rally and buy weakness. It doesn't seem like the bulls are tired yet.