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“Humbug” – Ebenezer Scrooge

Morning stock market summary

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If there’s any consolation to this Monday morning, it’s that there are only nine trading days left to go in 2022, and it’s only fitting that the world was introduced to Ebenezer Scrooge 179 years ago today with the publication of A Christmas Carol by Charles Dickens.  Futures are actually slightly higher this morning (but giving up ground as the morning goes on).  News-wise, the next two weeks are likely to be rather quiet, and the only economic report on the calendar today is homebuilder sentiment at 10 AM.  In international markets this morning, the only headlines of note are the fact that COVID cases in China are reportedly surging as the country rips the band-aid off of its zero-COVID policy, while in Japan, there is talk that the BoJ will finally revise its monetary policy to a more hawkish stance.

Last week was a disheartening one for bulls as the optimism of a break above the 200-DMA and the potential for a break of the S&P 500’s downtrend was quickly erased.  Not only were bulls not able to break the downtrend, but the S&P 500 also gave up its 50-DMA as well.

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