What a difference a day makes. Just when we were looking for a short (which we got) the very next the market recovered the previous days losses an then some. Was it news driven (Draghi or NFP) or is this a sign of major consolidation before a break out in the first part of January? Time will tell. However, you will need to be tactical for now...positions are tough to hold with the market having amnesia. From here we expect a break of the recent highs and more choppiness.