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    MARKET EDGES

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Takeaway: All is not well out there. Keep your head up.

INSTANT INSIGHT | No-Volume "Rallies," #Oil, and the Russell 2000 - emperors trading volume

You gotta love these no-volume paintings of the year-end tape – yesterday was the 15th up day in the last 37 for the S&P 500.

Here are the facts about the year-end "rally." Total US Equity Market Volume (including dark pool) was down -16% and -18% vs. their 1-month and 1-year averages on yesterday’s +1% SPY day.

Meanwhile, the liquidity trap in small caps (and Russell) remains obvious, looking nothing like the headline level of the S&P 500. Remember, the Russell 2000 is still in correction territory from its June high. 

INSTANT INSIGHT | No-Volume "Rallies," #Oil, and the Russell 2000 - rut

In other crashing markets news, it took Russian equities all of a month to join the Russell's correction club.

INSTANT INSIGHT | No-Volume "Rallies," #Oil, and the Russell 2000 - russia

The story for Russian equities is all about oil. 

This week, Oil has had a textbook crash, bounce, fade move in what so many pundits have hoped for in 2015 – I think they call (ed) it “reflation” – but #Deflation is still winning with WTI -2.7% after failing at the top end of the $34.83-38.29 risk range. 

INSTANT INSIGHT | No-Volume "Rallies," #Oil, and the Russell 2000 - Oil cartoon 12.28.2015