After some stalling at 1134 here in the first 50 minutes, we see the S&P 500 now poking its nose over the 200 day moving average at 1136.  This is the first visit over that level since the second day of August.  Those who have been waiting for that clearance of the 200 day (computers and human) probably will jump in now...

As always the close is more important than the intraday action but seems difficult to think bears will take a major stand ahead of a happy meeting Sunday in Europe.

If you are keeping track at home, we are now up nearly 15% in the S&P 500 from two weeks ago Tuesday when I believe it was a rumor that China was willing to buy European debt created a huge reversal at 3 PM that Tuesday (that was the day the market rallied some 4% in an hour).  This has been one of the greatest moves of the rally since March 2009 in terms of ferocity in a short duration.