After-Hours % Gainers

 After-Hours % Losers

Closing Volume

- NYSE volume 5% below its one-month average

- NASDAQ volume 7% below its one-month average

- VIX index: down 4.26% to 16.87 

Breadth

S&P 500 Sectors

% Movers

Nasdaq 100 Heat Map

I have to address a personal issue and won’t be back until after the close.

Reversal takes down Tech  (XLK)  and Financials  (XLF) :

With S&P cash now +51 handles I have taken a quick profit in my index shorts:

(SPY)  $576.67

(QQQ)  $608.81

Breadth

S&P 500 Sector ETFs

% Movers

Nasdaq 100 Heat Map

I shorted the indices with S&P cash +89 handles:

(SPY)  $680.40

(QQQ)  $$612.40

No trades (yet!) today.

Upside:

-SOC +47% (PHMSA confirms determination that Sable Offshore's pipeline connecting Santa Ynez Unit to Pentland Station terminal constitutes an interstate pipeline facility)

-DJT +27% (to merge with TAE Technologies, a Premier Fusion Power Company, in All-Stock deal valued at >$6B)

-FCEL +15% (earnings)

-MU +15% (earnings, guidance)

-SNDK +9.3% (higher in sympathy with MU)

-DMAC +8.6% (provides DM199 Preeclampsia Program Update Following Pre-IND Meeting with FDA)

-SPIR +7.6% (awarded seat on $151B Missile Defense Agency SHIELD IDIQ contract)

-BRR +7.5% (Procap Financial Chair buys >$1M in stock)

-LULU +7.3% (CEO Calvin McDonald to depart in Jan, 2026; Elliott builds >$1.0B stake)

-MLKN +7.0% (earnings, guidance)

-TLRY +5.4% (President Trump reportedly to sign an EO reclassifying marijuana)

-GEV +5.3% (Jefferies Raised GEV to Buy from Hold, price target: $815)

-DRI +4.6% (earnings, guidance)

-COIN +4.2% (confirms earlier reporting that company is launching prediction markets; additionally announces stock trading through Coinbase app)

-RIVN +4.1% (Baird Raised RIVN to Outperform from Neutral, price target: $25)

-CYTK +3.6% (Goldman Sachs Raised CYTK to Buy from Neutral, price target: $95)

-SHAK +2.4% (JPMorgan Chase and Co Raised SHAK to Neutral from Underweight, price target: $90)

Downside:

-PYXS -41% (reports preliminary data for micvotabart pelidotin (MICVO) in R/M HNSCC)

-INSP -22% (downside momentum)

-INSM -15% (Phase 2b BiRCh Study of Brensocatib in CRSsNP Did Not Meet Primary or Secondary Efficacy Endpoints)

-BIRK -12% (earnings, guidance)

-KMX -12% (earnings)

-CAMP -6.0% (enters strategic collaboration with GSK to advance RNA-Based Therapeutic Discoveries; prices $30.0M underwritten offering of common stock at $6.00/shr)

-CART -5.9% (US FTC said to investigate Instacart regarding its AI pricing tool, Cart.O)

-MGRX -4.9% (files to sell $2.5M Registered Direct and Private Placements)

-ACN -2.8% (earnings, guidance)

At 8 AM:

Fed Speakers:

3:25PM: Fed Bank of Chicago President Goolsbee (Voter) Television Appearance -- FOX Business; 6:00PM: Television Appearance -- PBS NewsHour

Treasury Auctions:

11:00AM: Treasury announces a 6, 13, 26 and 52 Week bill auction

11:30AM; Treasury hosts a $80B 4 and $80B 8 Week bill Auction

1:00PM: Treasury Hosts a $24B 5-Year TIPS auction

2:00PM: Treasury buyback (liquidity support);

Economic Calendar for the Week

* I am taking my foot off the short pedal for the next week or so...

I (and The Oracle of Omaha) have long felt that the only value of stock forecasters is to make fortune tellers look good! (So, don't consider my market musings this morning that seriously!)

* Equities have fallen for four consecutive days for the 17th time since 2023:

* As noted earlier, the S&P Short Range Oscillator has moved back towards neutral.

* Investors are picking up on my AI concerns — and leading AI share prices have been penalized (led by the mother lode, Nvidia  (NVDA) ).

* Equities are entering a seasonally strong period (as we approach year-end).

I covered quite a lot of shorts yesterday — all my financial shorts and a number of technology shorts (e.g., NVDA,  (CRWV) , etc.)

I have no index shorts on. In fact, yesterday afternoon during the "whoosh" lower I took a trading long rental in the indices!

Bottom Line

For these reasons and others, while I don't think there is much upside to the markets over the second half of December, I suspect the downside will be contained.

That is not to say that there won't be short-term trading opportunities — especially on ramps higher. And I plan to be opportunistic and take advantage of a volatile market.

Resultingly, I plan to give the market a wider berth before pressing shorts during the second half of December.

It is also a great time to put the markets on the back burner and enjoy our friends and families during the Holidays.

* I would continue to avoid.

Many view homebuilders as a unique value play — especially with a dovish new Fed Chair in May 2026.

I do not:

From last night:

Buying More Amazon

I am moving towards medium sized, buying Amazon (AMZN) after the close at around $221.75.

Position: Long AMZN (S)

By Doug Kass Dec 17, 2025 6:19 PM EST

Bonus — Here are some great links:

Don’t Stop Believing

Why Is the VIX So High?

Rotation Is Here

A Record Year for ETFs 

Calm Markets, Crude Chaos

I have a board Meeting from 9:30 AM until about 11:30 AM.

The S&P Short Range Oscillator is moving back toward neutral at 0.41% vs. 1.81%.

Tactically I remain committed to shorting "spikes" (like this morning in the futures).