Analysis:
China did not raise interest rates as widely expected, and global equity market rallied -- except the S&P 500 Index, which gave up all its gain at the end of the session. Looking ahead to tomorrow, Retail Sales and Business Inventories for Nov. will both exceed consensus forecasts. However, once the market rises to as high as 1,245, it will drop due to profit-taking amidst concerns of a near-term top. Perhaps a wishful thinking is all a Bear is left, or perhaps Santa will grant the Bear his wish for this Christmas.
Strategy:
Hold short at 1,217
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