SPX First Target Almost Reached...

As I write this, the SPX is trading at 1,272.50 -- within a couple of points of my 1,275 (by X-mas) target. I think that level will be easily reached now, especially since the SPX 1275 Dec05 call (expiring next Friday) has a pretty good open interest. I expect the SPX to stall around that strike in the absence of any catalysts. 1,280 in the SPX may well be a level where one would look to put on a short-term pullback/retracement trade/short. More on that to come perhaps later, depending on how the market acts between now and expiration Friday next week.