The first big Fiscal Cliff rally on rumors started a power full rally just after 16:00 when the market had sold off on bad housing news. Short trades had to be covered all the way back to the top of the trend. Now we must be cautioned about any positive talk about the Cliff in the future. Europes problems are solved for a few months so I expect this to be the new dark horse. To me it seems afterwards as if this was planned by the big money. The Asian indexes made high jumps with big gaps which are still holding 03:00. I think we have to wait until lunchtime in Europe before eventually the markets are back to normal. The daily weekly and monthly trends are still in place so no technical damage there so far.