December S&P finished up 0.4 at 2560.5, 0.5 off the high and 17.6 up from the low. December S&P E-Mini closed up 0.5 at 2560.5. This was 18 up from the low and 1 off the high.

 

The big question going forward for the equity market is whether or not the Thursday washout was primarily the result of stock market crash anniversary worry/profit-taking, or if there is a more prominent and sustainable bearish theme surfacing. In general, scheduled US data and corporate earnings should help to cushion prices after what was a badly needed corrective setback. However, the uncertainty from the Fed situation, residual fears toward Spain and ideas that some central bankers are poised to curb QE could give the bear camp an ongoing edge.