If you're digging today's rally you're going to have the best holiday season EVER, at least according JP Morgan's chief U.S. equities strategist Tom Lee. Lee was on Breakout on  October 14th  predicting a big gain for the S& P 500 in 2011. Since that time stocks are down about 9%, including today's rally, yet Lee is undeterred. His year-end target is 1,350 and he's sticking with it.

" Just two weeks ago we were 100 points higher," observes Lee. " So the idea of seeing a 1,350 rally is really the idea that the last two weeks is recovered and then the market starts thinking about where the relative value is."

For Lee, the most important factor investors should note is the way strong corporate profits in the U.S. are decoupling from what's going on in Europe.

Retail stocks rallied after strong sales over the Thanksgiving holiday weekend, 

Almost 95 percent of stocks traded on the New York Stock Exchange were in positive territory, while 90 percent of Nasdaq-listed shares rose.

The biggest bond dealers in the U.S. Federal Reserve is poised to start a new round of stimulus, injecting more money into the economy by purchasing mortgage securities instead of Treasuries.

Fed Chief Ben S. Bernanke and his fellow policy makers, who bot $2.3 trillion of Treasury and mortgage-related bonds between 2008 and June, will start another program next quarter, 16 of the 21 primary dealers of U.S. govt securities that trade with the central bank said in a Bloomberg News survey last week. The Fed may buy about $545 billion in home-loan debt, based on the median of the 10 firms that provided estimates.

http://www.bloomberg.com/news/2011-11-27/central-banks-ease-most-since-2009-to-avert-impact-of-european-debt-crisis.html

Central banks across five continents are undertaking the broadest reduction in borrowing costs since 2009 to avert a global economic slump stemming from Europe’s sovereign-debt turmoil.

The U.S., the U.K. and nine other nations, along with the European Central Bank, have bolstered monetary stimulus in the past three months. Six more countries, including Mexico and Sweden, probably will cut benchmark interest rates by the end of March, JPMorgan Chase & Co. forecasts.

  U.S. stocks were poised to kick off the week with sharp gains Monday, amid optimism that European leaders are boosting efforts to contain the region's ongoing debt crisis.

The Dow Jones industrial average (INDU), S& P 500 (SPX) and Nasdaq (COMP) futures were about 2% higher ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.