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Tuesday's data includes S&P/Case-Shiller home prices at 9 a.m. and consumer confidence at 10 a.m. there is also a 5-year Treasury auction at 1 p.m. ET.
Luschini said he's still holding out hope for a year-end rally that will take the S&P 500 to positive territory for the year. The market benchmark was down 0.1 percent for the year so far after closing down 4 points at 2,056 Monday. The Dow was off 23 points to 17,528, and it's off 1.6 percent year-to-date.
The 10-year Treasury yield, at 2.23 percent, is just about where it was at this time last year. "My point is subdued economic activity results in muted investment returns," said Luschini. For 2016, he expects "kind of more of the same, if you will, a sequel to 2015."
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He pointed out that both the 10-year yield and S&P 500 are little changed, despite the volatility. "On a price basis, and yield basis, we made no progress…. I think we end up nudging a gain (for 2015). Equities will end up a little bit better than bonds and cash, and the margin of error is thin," he said.
For 2016, his year-end target for the S&P 500 is 2,155.
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Luschini said oil prices could determine the fate of the S&P 500 for 2015. West Texas Intermediate futures fell 3.4 percent Monday to $36.81 per barrel, and Brent was down $1.28 at $36.61 per barrel at 2:30 p.m. ET.
On Monday, from Saudi Arabia to Japan, a series of headlines combined to slam oil futures and also reaffirmed that what's ailing oil is not going away anytime soon.
First, worries about China's growth were rekindled after a report that showed Chinese industrial profits down 1.4 percent in November. Shanghai stocks were down more than 2.5 percent, and the report also weighed on energy, as did a report that oil sales in Japan fell to a 46-year low.
Then Russia chimed in with comments from Deputy Prime Minister Arkady Dvorkovich, who said he expects the decline in investment in oil production to result in higher crude prices. But he was also quoted by Tass as saying Brent could reach $20 to $25 per barrel briefly before rebounding
Saudi Arabia contributed to the gloom when it reported a budget deficit of $97.9 billion in 2015 and said it would cut spending and look to derive revenues from sources other than oil.
"The news about Saudi Arabia cutting its budget rather than its production means they'll continue to put supply on the market, and that's weighing on oil," said Luschini.
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