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.

Gold and silver were under pressure most of the day, finishing unchanged. The Dollar continued its slide, giving up the 99 handle. VIX continued to retreat into complacency.