By John Galt
December 16, 2011 – 05:30 ET
A short note on this morning since it is quad witching and who knows where this market will end up today….
1. 1220 is overhead resistance on the S&P 500 so look for the PPT to be quite active to kick start the Santa Claus rally.
2. Gold had best find a way to get back over $1600 or for the short term the break down will continue towards the $1533-$1540 level.
3. A dead cat bounce, rally, prayer had best hit the large U.S. financials or GS could break below it’s 52 week low.
4. CRB appears to be heading towards a total breakdown and could correct 30%+ if Santa doesn’t come to save the day soon.
5. If the Fed and ECB do not come out with some sort of top secret leak to save this day, the rally before options expiration could roll over into a rout after 3 pm today.