The main indexes all closed with rather impressive gains (considering Sunday night futures), with the sp +11pts @ 1786. The two leaders - Trans/R2K, settled +0.9% and 1.2% respectively. Near term outlook is a touch choppy, but strong gains once we are post-FOMC Wednesday.
For the equity bears, today has been a real disappointment. All those hopes of Sunday night, where the futures were sp -15pts (or so) to the 1750s, has already faded away to nothing.
Yes, there is the FOMC this Wednesday, but seriously, how can anyone expect the Fed to change policy a week before the Christmas holiday..and before the Bernanke has exited.
more later..on the VIX