Market Update – Very Ugly Santa Rally Trade

231 p.m. ET The seasonal Santa Rally is taking a pretty hefty knock on the chin today. All of the majors are lower, but off their worst levels of the day. SPX -1.2%, DJIA -0.8% (Transports -0.55%), NDX -1.6%, Small Caps -1.8% Notice the volume trend in Nasdaq-100 futures over the last week or so,…