Pretty Quiet Day Ahead Of Weekend

The market had a pretty unspectacular close today, with most indexes near the flat line.

For the week, the S&P 500 declined -0.40%. Yesterday's selloff pretty much erased the last few positive days in the market. One thing I don't really like to see is the action of the 10-year yield (above).

The dropping yield indicates that market participants are back to worrying about economic growth in the future. A one to two-day drop isn't all that bad, but I don't want to see the weakness continue, and don't want to see the yield drop back below 4.00% again.

Also, the rally in oil is probably worrying many. Oil is closing in on that psychological $100 level that will get inflation hawks freaking out again (although it reversed lower today).

Monday is the last trading day of the year. Gun to my head, I would say it will be an up day in the market. But forecasting market moves that short-term in nature is fairly futile.

Have a great weekend--