Here’s an eye-popping chart: the volume of futures this century. As you can see, with the exception of a post-financial crisis lull spanning 2009-2015, it’s been amazing.

Markets keep grinding higher. Combine that with that big range below us, and this Breakout Pullback could be a massive payday. I see 3 ranges on the charts tonight, with 3 breakout pullbacks setting up for tomorrow…

We could be in this 4% to 4.1% trading range (US 10yr yield) for a bit before we break out. We'd view a break below as temporary (perhaps into the turn of the year), and a break above as more structural, certainly something for 2026

The S&P 500 rose about 30 basis points on December 3rd, but today was a volatility-dispersion day, with the S&P 500 dispersion index rising.