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• Energy Sector Commentary for Tuesday Morning
  The energy sector is off to a higher start, supported by strength in the...

  The energy sector is off to a higher start, supported by strength in the crude complex. The major market indexes are positive, as investors continue to digest new global economic data as we approach the end of the year.

  
  

  WTI and Brent crude oil are trading higher this morning on a softer dollar and as the U.S. plans to restock petroleum reserves. Oil futures gained after the U.S. announced plans to buy up to 3 million barrels of oil for the Strategic Petroleum Reserves after this year’s record release. 180 million barrels of oil were released from the SPR in an attempt to lower the price of fuel for the American public. Additionally, the Bank of Japan decided to review its yield curve control policy and widen the trading band for the 10-year government bond yield which sent the Yen climbing against the dollar. However, rising COVID-19 cases in China limited gains as investors fear the top oil importer may reimpose restrictions that can dent their plans for growth.

  
  

  Natural gas futures dropped amid forecasts for much warmer weather for the last few days of December and into the new year.

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• ☕️What Else is Brewing Tuesday Morning
  Avatar: The Way of Water had a weaker-than-expected opening weekend, sending Disney stock falling...
  Avatar: The Way of Water had a weaker-than-expected opening weekend, sending Disney stock falling to its lowest level since March 2020.
  
  Binance has agreed to acquire bankrupt crypto lender Voyager Digital’s assets for $1.02 billion, even as questions about the exchange’s own finances remain.
  
  Harvey Weinstein was convicted of three of the charges against him, including rape, in a California sexual assault trial. The ex-movie mogul was previously found guilty of similar crimes in New York.
  
  Amber Heard will pay ex-husband Johnny Depp $1 million to settle the defamation case in which they accused each other of domestic violence.
  
  
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• Title 42 remains safe for now
  SCOTUS keeps Trump-era immigration policy in place, for now. The Supreme Court temporarily...
  SCOTUS keeps Trump-era immigration policy in place, for now. The Supreme Court temporarily extended the use of Title 42 to turn away asylum-seekers at the southern border on public health grounds, which was due to expire tomorrow. Chief Justice John Roberts put a brief hold on the expiration ordered by a lower court after Republican-led states appealed to keep the rule in place. The impending end of the pandemic-era policy, which President Biden had pledged to repeal, has border cities like El Paso on edge.
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• Santa Claus rally would be 7th in a row
  December 23rd will mark the first day of the "Santa Claus Rally",...
  December 23rd will mark the first day of the "Santa Claus Rally", which occurs on the last 5 trading days of the year and the first 2 trading days of the new year, according to Kenny Jimenez, research manager at Dow Jones Market Data.
  
  The S&P 500 averages a gain of 1.32% and has traded higher 78% of the time since 1950.
  
  But the odds of Santa appearing this year may be long. Not just because sentiment is currently so poor, but perhaps because a winning streak is looking a bit long in the tooth.
  
  "If the S&P 500 finishes the Santa Claus rally period higher this year, it would be its 7th consecutive successful Santa Claus rally; surpassing the six successful rallies ending 2013/2014 and the longest since the 8 successful rallies between 1969/1970 and 1976/1977," says Jimenez.
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• Timber! Lumber prices drop to new lows.
  Lumber dropped to a new low for 2022 as homebuilder sentiment slips for the 12th month in a row. The...
  Lumber dropped to a new low for 2022 as homebuilder sentiment slips for the 12th month in a row. The critical building commodity is now down 68% year-to-date, and is off 79% from its record high reached in May 2021. "NAHB is expecting weaker housing conditions to persist in 2023 and we forecast a recovery coming in 2024," economist Robert Dietz said.
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