FRIDAY 12/26/14; Boxing Day; US Markets Reopen for Trading; Natty Gas Drops Under 3.00 for First Time in Two Years; Wall Street Prognostications for 2015; SPX, INDU, RUT and UTIL Print New All-Time Highs; COMPQ New 15-Year Record High at Dotcom Bubble Levels; Rampant Trader Complacency Signals Near-Term Market Top

Australia (SPASX200), Hong Kong (HSI), Philippines (PSE; PSEC) and Indonesia (Jakarta Composite JKSE) markets remain closed. The NIKK trades marginally positive. Japan’s industrial output drops -0.6% missing the +0.8% expectations and losing strength from last month’s +0.4%. The industrial output data signals a weak and lackluster economy despite the obscene Keynesian spending by the BOJ. Inflation remains subdued far below the +2% BOJ target.

The SSEC jumps almost +3% and is up about +45% in 2014 with all the gains occurring







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 10-year 2.25%, 30-year 2.82%. The 2-10 spread is 151 basis points and the 5-30 spread is 106 bips.

The CPC and CPCE put/call ratios are very entertaining these days. The CPC prints another low at 0.73, the lowest number in over four months and three consecutive lower lows over the last six trading days. The CPCE remains subdued at 0.55. The low put/calls verify the rampant complacency, lack of fear and bullish euphoria in play. The TRIN drops to 0.50 intraday further verifying bullish euphoria.

The stock market is printing a near-term top currently since everyone and his bro are long the market without fear. The shoe-shine boy, Uber driver and even the coffee barista at SBUX say they are all-in for the long side of stocks. They will likely have their heads handed to them on a platter. The put/call ratios signal a significant market top at hand which flies in the face of the Santa Claus rally. Rest up this weekend since next week will likely trade far more dramatically than anyone expects.