Before the Open (Dec 28)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed – China lost close to 2% again. Europe is mostly up, but there aren’t any noticeable winners. Futures here in the States point towards a slightly positive open for the cash market.
Like yesterday, the Canadian market is closed today. I’m not sure how much of yesterday’s slow action was due to a holiday hangover or Canada being closed.
I do know the trend is solidly up, but complacency is very high and fear is very low. I’m tempted to not trust the indicators right now because of the lack of volume and movement. Of course volatility is dampened and the put/call is low – the entire market is just hanging around waiting for this year to end. Same thing with advance/decline lines or new highs/new lows etc. The entire market isn’t going anywhere, and since those indicators are derivatives of the underlying market, they may not accurately project their underlying message.
Said another way, let’s not over analyze right now. The market is certainly due for a little give back, and it could happen this week (because no one thinks it will). But overall this is a time to rest up, read a book and get ready for next year. January will be a big month.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers