21 Dec 18 - Santa Sell-off, Uncertainties Heading into 2019 Please note this will be our last daily update for the year, and we will resume in mid-Jan 2018. We wish everyone a Merry Christmas and a prosperous New Year.   Global markets continued to sell-off overnight, as US stocks dropped over -1%, with disappointing earnings reports adding to the gloom after the Federal Reserve quashed hopes of a toned-down approach to its interest-rate hike trajectory.   Adding to the nervousness on Wall Street, President Trump threatened to partially shut down the US federal government on disagreement around funding the wall along the US-Mexico border. Not helping global sentiment was a new warning from the Bank of England about the cost of Brexit. As shown in the chart above, the US market (S&P 500 index) is clearly in a correction period, now at its lowest levels since Sep 2017, dashing hopes for a Santa Rally (trading is expected to thin out ahead of the holiday perio...