We were bound to give some of it back, but even with futures suggesting a near 300 point decline at the open, that would only take us back to levels we traded at 30 minutes before yesterday’s closing bell!  For bulls, the weakness at the open should actually be welcome.  If yesterday’s buying was real money coming in, you would expect to see this morning’s weakness met with buying later on in the morning.  So, that will be the test to watch for.

Read today’s Bespoke Morning Lineup below for major macro and stock-specific news events, updated market internals and commentary.

Bespoke Morning Lineup – 12/27/18

Volatility has definitely made a comeback over the last two months, so much so that the S&P 500’s average daily range has now ticked up to 1.19%.  While we are nowhere near the record levels of over 4% from the peak of the Financial Crisis, the current level is the highest since early 2012.  Just another indicator showing how the current environment is a major shift from recent history.

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