Other tid-bits

While I wouldn't put too much weight in to anything happening this afternoon, I did see a few small things I wanted to make note of. First as of now all the majors are in the red, Santa headed to the north pole and not Wall St. as many had anticipated solely on seasonal trends out of the current market context.

The lack of small cap leadership is one of the reasons I was bearish on a Santa Rally, but look at the intraday charts, small caps which should lead any risk on rally are definitely underperforming in the late day sell move.

 IWM

 While the defensive large caps are selling off too, they are making more of an effort late today, this tells me that the risk on mode is dissipating as small caps under-perform. The DIA Above.

 You can see the SPY is also trying to hold whereas the IWM isn't putting in the same effort.

And the Q's as well.

Just a small observation.