Futures are getting in the Christmas spirit this morning, although not in the way you might expect as we have already seen the market trade both firmly in the green and deeply in the red. After trading decently higher overnight, they started to drop sharply shortly after six. There’s been a slight rebound off the lows since the initial leg lower, but they are still indicating a lower open.
A walk around Main Street and the malls this weekend would suggest that the economy remains on a firm footing, but after a rocky 72 hours in DC, confidence on K street is a whole different story. One thing we’re sure of, though, is that if you thought markets were thin lately, any expectations for liquidity today are nothing more than a mirage. Read today’s Bespoke Morning Lineup below for major macro and stock-specific news events, updated market internals, and detailed analysis and commentary:
Last week they even got the Utilities to break. While still holding up better than most sectors, which are trading at extreme oversold levels, the Utilities sector, which had been trading at extreme overbought levels just a week earlier is now firmly below its 50-DMA and not far from oversold territory,
Start a two-week free trial to Bespoke Premium to see today’s full Morning Lineup report. You’ll receive it in your inbox each morning an hour before the open to get your trading day started.