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