Trading will be light this week as the adults have already left for their vacations, and the juniors are manning the helm.

I'd expect the markets to have a little upward bias, and chopping sideways, with an eye toward any exogenous events.

Valuations are rich and we are in a narrow bubble once again.

The walking back of Powell's somewhat misleading verbiage of last week by various Fed heads is not being taken up by the Street. It's not in their year end script.

Gold and silver had a little bounce higher, as the Dollar chopped sideways.

The narrative for the course of the US economy and Fed actions next year is a risible fairy tale.

Unless something notable happens I will not be posting anything tomorrow night. I have some obligations in the late afternoon.

Have a pleasant evening.

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