Mommy, When is Santa Coming?

• In this week’s Monday pre-trading note, I mentioned the low probability of a year-end Santa rally starting this week. 

• Aside from still being 3-months out from the calendar year end, the market is still waiting with baited breath for the employment situation report (“NFP”) on Friday

   

• For this week, I still think its churn and burn until then.

In last week’s Weekly Signal and Noise Filter, I highlight the record number of companies providing guidance as a market tell on increased earnings confidence.

With all of this year’s S&P500 performance being driven by tech names, we need to focus on the number of tech names providing guidance.