Despite all the talk of stimulus, Chinese 10-year yields continue to plummet to new lows. Almost as if the market doesn't believe anything that the country's leadership is saying after over two years of big promises and little delivered. Better luck next year?

Leveraged loan defaults picked up again in November, to the highest levels since June of 2023 ⚠️

Americans are holding a record share of their assets in equities

Interest in SPX 6030 continues to grow 📊

Stocks listed on the NYSE are making less and less net new highs after a recent surge. This is a sign that momentum is slipping underneath the surface. ⚠️

10-year yields continue to climb higher. Once again I think 4.5% is a level to watch. Above it and risk assets could see some pressure. Particularly the longer duration unprofitable growth and crypto-peripheral equities.