No Sign of Santa

The market basically closed at its lows today, amid constant selling pressure for most of the session. I think it was mostly profit taking, while the media continues to harp on the inversion of the yield curve (10-year yields higher than 2-year notes).

Regardless, it remains to be seen if this is the start of a more meaningful decline. All corrections start out this way, but for now there has not been too much damage. The S&P took out last week's low, but it is still above levels at the beginning of the month (1249).

Sentiment indicators are, for the most part, mixed in terms of too much bullish or bearish sentiment. The market is not overbought short-term, but this rally is getting a little long in the tooth. Make sure you are managing your risk.

And have a great night--