Trader Update -data point 28 November 2011-

...the market bull's moment of glory kicked the market up to an intraday High *1197.35 from an oversold position where even the Friday 25 November 2011 index put/call ratio showed an obvious positive divergence

-volume accumulation compared to the 9 August 2011 and 4 October 2011 Lows -disappointing- so far

-the VIX Close *32.13 remains above the minimum safety indication for sustainability *30.16

...as a result,  the market needs to show its hand and trade the VIX below *30.16 as a minimum - additional safety markers required for sustainability:
-Close below *26
-Close below *24
to set up a lower Low - followed by a confirmation challenge *30.16

Kind Regards