Cash is a burden that no Fund Manager wants to bear apparently. H/t Callum Thomas

$IHF U.S. Health Care Providers is under attack after the killing of the United Healthcare CEO & Trump's comments on PBMs. $UNH has a 24.53% weighting. The selling in December means tax selling is a recent factor and continuing. Until when? Rather over-sold but.....

$SPY It's been a long time since the mkt has taken a "I don't give a rat's ass about CPI" stance. Implied volatilities for tomw are not materially higher than they are for the rest of the week.

$SPY Have a good night.
"And then time will tell just who has fell
And who's been left behind
When you go your way and I go mine"

$IWM Tired of the bad breadth? Blame the Russell <again>.

$SPY Like the Doobie Brothers "it keeps you runnin'"

$MAGS Roundhill's Mag 7 ETF is saying that despite the hand wringing, the Mag 7 has done just fine since the 8/5/24 low. Richly valued and continued high growth rates are promised to no man. At least there are some clear levels.

$SPY A lethargic rally seemingly driven more by the absence of enthusiastic sellers than the presence of aggressive buyers ahead of Powell. $IWM the enthusiasm in the Russell 2000 seen earlier has reversed despite a friendlier Treasury mkt.

As of last night's close 62.82% of $SPX members are above their respective 50 day SMA. That is significantly below its most recent high of 83.30% registered on 9/30/24. $SPX is 4.8% higher now. Make of it what you will or perhaps call it a selective melt up.

The CBOE Equities & Indices Put/Call Ratio continues to show a level of complacency since the election barely lifting its head off of rather low levels (particularly as seen in the 5 day SMA). It is confirming that sentiment which says "of course they are going higher in December." Cringe.

$IWM It costs nothing to prepare for a trade that never happens. IF the resistance at ATH highs were to give way it would create the potential for a trade on the short side if that new ATH were then to fail. You don't have to be a Boy Scout to be prepared.

$ES_Z is hovering around flat in Globex trading. A couple of very tentative thoughts on this chart.

Sadly, my 10 days of Scarlett have come to an end. She didn't take the cold she gave me 9 days ago, but did take a part of BaPa's heart.

$IWM has rallied to but fallen just short of the Nov. 2021 ATHs. Perhaps the very tentative bounce in the 10 Year Treasury can provide an assist. It is not clear that the enthusiasm is merited in small caps fundamentally but funds flow into and out of this segment with amazing ease and speed.

$QQQ There is an emerging consensus that the best days for leadership of the Mag 7 are behind it bolstered by the highs of relative performance in $QQQ vs. $SPX that occurred at the July mkt peak. I find more concern and less comfort in consensus. I'd rather respect the uptrend until it is no more.

$SPY Heading into a new wk & month overwhelming sentiment is of inevitably higher prices. Having said that, one of the tentpoles of the bulls is seasonal strength: But the first 2 wks of Dec. are not supportive. What seems likely to these poor eyes is a significant & volatile chop disappointing all.

$SPY Different look w/ Anchored VWAPs from May low and July high.

$ES_U Threatening that downtrend?