Many laggard ETFs that have been showing relative weakness to the broad market are now beginning to show signs of breaking out, while many formerly leading ETFs appear to be weakening. It is far too early to jump to the conclusion that the overall market is ready to reverse, but this type of rotation activity warrants the close attention of astute traders.

The bargain was struck yesterday. The rich get to hold onto their money for another two years. And the poor get another 13 months of unemployment benefits. Win-win, right?

The stock market indices had a very interesting, volatile day with a gap up and a quick pop to resistance which failed, and then rolled over very sharply at that point and reached the session lows after about an hour of trading.

If the ProShares UltraShort 20+ Year Treasury ETF (TBT) continues to strengthen, it implies higher yields, which should be a very favorable development for banks like Bank of America (BAC).

Download Adrian Manz's Around The Horn Intraday Trading Plan PDF for December 8.

Dave Landry takes a one-minute look at the stock market in his video for December 8.

Should the market follow through on yesterday's bearish reversal, Deron Wagner is likely to tighten stops in those positions exhibiting relative weakness. When faced with volatile market conditions it is wise to proactively re-evaluate trades and adjust stops accordingly.

At some point the Fed may not be able to maintain its current facade of being the buyer of last resort for the mountains of public sector debt. Then institutional holders will have to make a choice - either hold the bonds until maturity on the self-deceptive belief that they represent solid assets with predictable cash flow or rush for the exits in a collective panic which might have some rather unsavory characteristics.

The feds are supposed to pursue corrupt operators. But now the feds are at the center of the racket.

The stock market indices had a topsy-turvy day, but ended near the flat line. The day started out with a big gap up, and then it sold off immediately, consolidated midday, and then rallied early afternoon only to rollover hard in the last hour and a half or so and closed near the session lows.