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Afternoon Note

Trading Getting Quieter

By Karina Hernandez, Senior Research Analyst
12/19/2022 1:43 PM

The market is very much off balance in this typically good month, and instead of Santa, it is the Grinch who has infiltrated. Moreover, as the holidays approach, trading is getting quieter, but there is still a chance of volatility.

The bad news came from housing today. The December Homebuilder Sentiment fell further into negative territory to 31 vs. 34 consensus and getting closer to COVID’s low. NAHB Chief Economist Robert Dietz noted we may be nearing a bottom of the cycle.

“The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment,” he added “mortgage rates are down from above 7% in recent weeks to about 6.3% today, and for the first time since April, builders registered an increase in future sales expectations.”

All eleven sectors are in the red with Communication Services leading the losses. Meta Platforms (META) is weighing down the sector on a report that the European Commission believes the firm breached its antitrust rules.

Volume is low and decidedly bearish this afternoon.

Market Breadth









New Highs



New Lows



Up Volume

850.6 million

738.2 million

Down Volume

1.71 billion

97.6 million

Everyone is still waiting for Santa to come around, which leaves the market stuck between angst and hope.


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