With the market expecting no substantive change in tone from the Fed, The S&P 500 is trading with a half-percent of the 50% retracement of the drop from 1575 to 666 which comes in at 1120. Easy money is finding a home in stocks these days, especially after the commodities markets have retrenched a bit so far in December.
The dollar and stocks have gone their separate ways in the last few weeks and like will continue to do so through the end of the year. The return of the carry trade could be an early focus in the new year, however, if the market suspects any move from the Fed is more than six months away.