In another demonstration that the market and the economy are two very different animals, Personal Income dropped 1.1% MoM and Personal Expenditures dropped 0.4% MoM.YoY, Spending fell 1.3% and Incomes rose 3.8% – but to a lower low. Naturally, futures yawned and are back above their SMA10.

Needless to say, tossing out $600 stimulus checks like so many rolls of paper towels isn’t going to make a difference. Of the 100 most populous cities in America, only Toledo offers median rent of less than $600 per month.

There are still 11 million unemployed Americans, only some of whom will be afforded eviction/foreclosure protection under the latest stimulus bill (if it is signed into law.) The latest is that Trump wants Congress to up the stimulus checks to $2,000 per person.

Of course, he’s announcing it now without any Senate Republican support and when half of Congress has already left town. But, hey, it’s the thought that counts.  Merry Christmas indeed.

continued for members…The bigger picture is unchanged – with whatever drop is coming delayed for another day/week if not until 2021.VIX is again playing hide the baloney with its SMA10.The rest of our charts…which I will be back to discuss after a conference call which should last until 11am or so.

UPDATE:  1:50 PM

This seems to be heading toward an ES tag of 3730.29 over the holiday…