Yesterday's short covering surged peaked at S&P 1202 at 3;40pm before the markets sold off half their gains in a handful of minutes. This morning we ran right back up to 1202 only to get turned back to 1191 and now as the Euro markets are closed, we're back at 1200. No doubt this is line in the sand that bears have drawn. MLPS are up 2.50 on the index as most mlps are showing fractional gains in here. Watch the euro as it seems to me that the dow is trading tick for tick with that currency as the Euro crisis ebbs and flows depending on what time of day your checking.
Nat gas is down on inventory while crude is up a little. The tape feels a little weak today underneath all the averages so my guess is that traders will find a reason to sell into the rally this afternoon.