is America out of recession already?

         Last night's building permit data is the highest of last 19 months, market responsed very positive,it looks like the US may be  past its trough.Christmas is coming and new year too.we think the S&P will be the big winner in the next year,because the capital has been flowing back to the US, which could be the safty harbour next year,given the Euro zone will face the heavy repay of its due debt in the middle of 2012 and there is too much uncertainty overthere.S&P could face the short term resistance around 1285,and 1300 after that.