Yesterday was a seesaw session in a tight trading range that saw the NASDAQ Composite reverse, only to lose momentum when President Biden spoke about higher taxes. The rally effort resumed but couldn’t seduce enough money off the sidelines. Still, it's been a year, and it could get better.

• Nasdaq Composite: +36.1%
• S&P 500: +18.5%
• S&P Midcap 400: +5.2%
• Russell 2000: +2.3%

Lots of names that have been disappointing this year are getting another look-see. Remember, the last few earnings seasons have seen excessive punishment, creating opportunities. Meanwhile, the climate theme is still highly vulnerable.

Same Tide

More broadly, stocks are beginning to move higher as 83% of the S&P 500 are now changing hands above their respective 20-day moving average.

The Fear & Greed Index is screaming ‘greed,’ but there is still an abundance of healthy caution in the air.

Rocky Resolve

I was shocked when I saw this on the Bar Charts yesterday. That summer correction, which had the bears salivating over maybe being right, turned out to be the second shortest correction (in length of time) since 1960 (1998 was just six days).

This market is like the first Rocky movie – it won’t stay down. But it won’t be the champion until it closes above 4,600 –  and it has to happen in the next few days.

Today's Session

It’s a quiet morning, as investors continue to digest turkey and the markets' remarkable November rally. 

Everyone has an eye on tomorrow’s economic data hoping for further signs of slowing inflation.

Meanwhile, reaction to earnings, particularly Micron (MU), is not very encouraging.

We also get the start of a bevy (not sure it’s the proper term) of Fed speakers that will drone on for the remainder of the week.