December S&P finished down 0.9 at 2583, 1.2 off the high and 11.2 up from the low. December S&P E-Mini closed down 4.25 at 2579.75. This was 8.25 up from the low and 6 off the high.
The equity markets showed some signs of waffling around both sides of unchanged but spent the majority of the Friday morning trade in negative territory. It is possible that a moderate portion of the worst case scenario off the tax reform
effort has been priced and upcoming positive iterations could result in short covering/fresh buying. The markets should have been cheered by favorable J.C. Penney news especially since that revelation was accompanied by strength in Macy’s shares following their positive holiday outlook. Holding back the equity markets from the retail sector were reports that Kohl’s earnings missed expectations due to higher costs.