Grandma Got Run Over by a Reindeer

Today's selling is sure to give bears a good deal of material. Indeed, a failure for a sustained "Santa Rally" to take place after Christmas until early-january aligns with one of those old Wall Street axioms: "If Santa Claus fails to call, bears may come to Broad & Wall," which mean if the last five trading days of the current year (2016) and first two trading days of the New Year (2017) did not show positive returns for the S&P, a bear market or significant correction became likely as 2017 unfolds.

Now, we have seen plenty of times over the last few years where all of the standard warning signs were blown to pieces as the market ignored them and made new highs. 

But one thing is for sure: Upside momentum has left the market for now, and I am not looking to put on new longs until it returns. I am not so sure that equates to an imminent bear market, though.