Futures are off slightly on low volume in advance of a lot of important economic data: tomorrow’s consumer confidence, Wednesday’s GDP, Thursday’s personal income and PCE, and Friday’s ISM manufacturing.

We’ve been wondering whether a pullback – any pullback – was in the cards before the end of the year. With VIX being hammered Friday to its lowest level since Jan 2020 – well before the market peaked two years later – the bears are feeling understandably depressed.

continued for members…

While a pullback isn’t out of the question (the downside targets remain unchanged) the ability of VIX to continue plumbing lower depths doesn’t inspire confidence.