An Unreal Fixation

Have you ever seen such an obsession over a certain level on the S&P 500? Oh, I suppose we have before. I remember, in August 2010, when 1040 was all anyone could talk about. But the fuss that has been made over this level is unreal to me.

Just in case you've been hiding in a cave for the last few months, the level is couched between 1260 and 1270. You can probably recite the reasons on your own, but let's list them anyway. The 200-day moving average, at 1259, lives up there. So do the recent highs -- all lower highs, I might add. The resistance, or downtrend line, is situated here, as is last year's closing price on Dec. 31. Further, of course, the now-much-talked-about triangle pattern has found its upper line there. Did I miss anything?...352 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.