In the Abyss

Against the backdrop of the buzz from Martin Shkreli's arrest this morning, equity bears may be looking into the abyss, too.

Specifically, this may be the last chance for any fireworks in 2015, what with the holidays rapidly approaching and tomorrow marking the end of the final full week of trading for this calendar year. If bears are unable to push the S&P 500 back below 2045 soon, I expect textbook "holiday trading" to become the theme, with indices drifting and an underlying bullish bias to individual stock action, and beaten-down heavily-shorted names like P and SUNE can see a breather into year-end. 

In addition, commodities remain under pressure, with the metals and miners giving up the ghost again after yesterday's bounce. We had them on watch but waited for a proper trigger, which obviously did not happen. And USO took out Monday's lows earlier, too.