Oil is making a new 52-week high, but stocks are not really following suit. The major indexes are all in the red today in anemic trading. The Dow is down .4%, while the S&P and NASDAQ are off closer to 0.8%. There is really nothing providing a catalyst in either direction, so we are drifting sideways. 

There is no sector leadership in either direction. There is a bit of selling in technology. NVDA is taking a 5.5% hit after cautious comments by notable short seller Citron, and it is weighing a bit on tech. 

NYSE decliners are at 62% along with NASDAQ decliners at a comparable 63%.The down volume picture is similar at 65% and 71%, respectively. Overall market volume remains light during this holiday week. Only 193 stocks in the market are making new highs today.

On the economic front, the Pending Home Sales Index (contracts signed) for November declined 2.5% to 107.3 versus the expectation of an increase of 0.4%.  This is the lowest reading since January. 

It seems that higher interest rates are beginning to make an impact, coupled with low inventory and rising home prices.  The only region to see any gains was the Northeast, which was up 0.6%, but year over year is up 5.7%.