The session began with a lot of promises yesterday, but once again, it ran out of steam midday. Only three sectors finished higher. It was enough to drag the S&P 500 over the finish line, but it was an ugly session.

Consumer Spending

Despite stronger-than-expected sales from Black Friday and Cyber Monday, there is considerable doubt about consumers' ability to be heroic over the holidays. If the Redbook Index is the kind of indicator it's been in the past, it bodes well. The biggest impediment will be the job situation.

For now, the market is on hold, waiting for official data and the next round of earnings - the post-Thanksgiving blahs.

Today’s Session

The market is set to open with some trepidation this morning.  ADP posted -32,000 net jobs for November against the consensus of +40,000.

Massive damage among small businesses, which need rate cut relief in the worst way, but somehow the experts think rate cuts will only advantage large companies and wealthy people.

There is severe tension that needs to be released with major economic data releases.