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“The graveyards are full of indispensable men.” – Charles de Gaulle

Morning stock market summary

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As we get closer to Christmas, the pace of news starts to slow, so that’s why one of this morning’s headlines concerns a Twitter poll.  After more people voted that they wanted him to step down as CEO of the social media company, Elon Musk announced that he will step down as CEO of Twitter once he finds “someone foolish enough to take the job!” Elon has also suggested in the past week that no one besides him with the ability to do so would take on the job of leading the company when he noted, “No one wants the job who can actually keep Twitter alive. There is no successor.”

We also had some positive (or not as bad as expected) earnings news after the close on Tuesday with Nike (NKE) trading up over 10% and FedEx (FDX) up close to 5%.  Expectations heading into the Q4 earnings season next month have really been negative, but at least these companies are starting off with a good first impression.

On the economic calendar this morning, the only reports scheduled are Existing Home Sales and Consumer Confidence at 10 AM.

Even with US stocks on pace for their second straight day of gains, it hasn’t been a pretty December for stocks.  What was an uptrend from the October lows has been broken in a convincing way, and the only hope for chart watchers now is that the June lows hold creating what could turn out to be a reverse head-and-shoulders pattern.

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