Without a take and hold of the 2570 level, this rally is all just a trading exercise.
Those who are waiting for a holiday bounce in the markets should stay patient and wait for strength.
The Fed now appears to me, to be if not in the 'policy error' zone than very close to it. Perhaps the Treasury Secretary sees this as well.
But there is a lot of oil in the market, so if the market does undergo a recession or a slowdown, oil prices can, and will, trade lower.
Buoying RMPIA during the first half of December were shares of Broadcom, Facebook and PayPal.
Here's the context you need to be a little more clear-headed and a little less scared than you are.
Treasury bears have been bold and vocal, but sentiment should change to catch up with stocks and commodities.
As weak PMI data came out, Chinese President Xi Jinping promised cuts to import tariffs, but any major news on a trade deal will wait until after the elections.
A flush of FX outflows threatens a breach of the 7 level vs. the dollar, and commodities will likely follow suit.
The biggest risk right now is the yuan level versus the dollar.