S&P500 @ 50% retrace of losses.......

S&P500 Daily Close @ 11/23/2012

So far so good as the S&P500 respects the 1346 level (see Post below) and 'scoots' higher back to the 50% retrace of the retrace @ 1395.
Immediate 'indigestion' may cause a pause; beyond this & the 61.8% level 'beckons' @ 1425 coincident with the declining 50day SMA.
Tactical 'Longs' should take 'em & run @ that level; the more Strategic types only pausing to reflect & see what transpires there.
This Rally may be Santa Claus & the stocking could be 'large'.