Things are quiet. December was a comparatively slow month. The VIX is low and finding support at the levels prior to the August selloff. In the short run the low VIX has suggested low volatility. The VIX is lower now than when SPX was at 1292 in late October. Ultimately this suggests complacency is building - bearish.
There is a lot of similarity between this period and July 2011. It's been holding up longer, but still see it resolving on the downside with a major move. It looks weak into Jan 9th to 11th.