Before getting to this morning’s pre-market analysis, be sure to watch this CNBC segment with Bespoke’s Paul Hickey discussing the market’s set-up heading into 2026.

See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Investors should purchase stocks like they purchase groceries, not like they purchase perfume.” – Benjamin Graham

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

With just three trading days left in the year, below are a number of snapshots from our Trend Analyzer tool highlighting where various asset classes, sectors, and large-cap stocks stand on a year-to-date basis and relative to their 50-DMAs.

Gold (GLD) is now easily the top performing major asset class in 2025 with a 70%+ gain.  The next-best is the “rest of world” equity market with the all country ex US ETF (CWI) up 29.2% YTD.  The Tech-heavy Nasdaq 100 (QQQ) ranks third with a 22% gain.

There are three key asset classes in the red this year: Bitcoin (IBIT), the dollar (UUP), and oil (USO).

Of the ETFs shown, the dollar (UUP) is the most oversold heading into year end, while gold (GLD) is the most overbought.

Looking at major domestic equity index ETFs, mid-caps have been “mid” in 2025 with only single-digit gains, while large-caps are up closer to 20%.  Heading into 2026, every single index ETF shown is above its 50-DMA, with the large majority overbought.