Let It Snow, Let It Snow, Let It Snow

It may not be time for the Santa Clause rally but with the capitulation across so many asset classes today, it may be time to turn less bearish if not constructive.

Some amount of excess risk and excess hopium has been squeezed out of the system over the past 3 days  A quick hard move down seems more likely than a melt-up but we are down over 2% since late yesterday and close to 5% from Friday’s highs.

S&P seems comfortable delaying their decision so the possibility to grind higher is there.