One More Today...

Fed Fund futures are still pricing in a 57% chance we'll see a half point cut from the Fed on Tuesday. Bill Gross (the world's largest bond trader) suggested on CNBC today that whether the Fed cuts the FF 50 or 25 bp, they will likely cut the discount rate by 50 bp.

CBOT's latest Summary Table:
December 4: 28% for -25 bps versus 72% for -50 bps.
December 5: 43% for -25 bps versus 57% for -50 bps

And importantly, Wednesday marked the follow-through day in the major indices.

Volume was heavier on both the Nasdaq and NYSE. That marked a follow-through day for the Nasdaq. Last week, a number of the IBD indexes — including the IBD 100 and the Weekly Review 85-85 Index — had already logged follow-through days, confirming that a new uptrend was underway. Today's advance was broad. The number of rising stocks outnumbered decliners by 3-to-1 on the NYSE and more than 2-to-1 on the Nasdaq. More...