Tomorrow is a big test for U.S. equities.
No doubt the bears will be banging on last week’s low volume ramp. S&P futures are already down 6 points in overnight trading. But will there be real sellers to feed the bears?
What will be the catalyst for selling? Catalonia vote? The potential for no deal in Greece? Fiscal cliff fears? The VIX certainly hasn’t been worried.
One bullish sign and counter argument to last week’s low volume holiday trading in the U.S. is that the global markets also ramped hard. France and Germany were up over 5 percent. And though the Shanghai continues to trade poorly, the Hang Seng, our favorite indicator species for global risk appetite, was up 3.57 percent and only about 1 percent from a 52-week high.
(click here if chart is not observable)
Global Macro Monitor 
The corporate earnings outlook isn’t that good, not much of a catalyst to make stocks climb higher in the short term, won’t be surprised the S&P 500 revisits the 1,380 level within the next few weeks!