Just when we get to the point where Ebola is about as scary as granola here in the States, the mere mention of a man being tested for the virus in Tokyo triggers a swift reversal in Japanese stocks. That’s the way it goes on slow-news and light-volume days. It doesn’t take all that much to rattle markets, a truism both at home and abroad during periods like this.

Of course, investors placing their bets on the Land of the Rising Sun don’t really need another reason to be fearful. Abenomics seems to be doing the trick all on its own.

Foreign investors threw record amounts of cash at Japan last year but haven’t done much of anything this year. In fact, inflows are down 94%, according to Bloomberg, which puts them on pace for their lowest total since the 2008 financial crisis.

Meanwhile, U.S. markets are in a deep slumber, volume-wise. Michael O’Rourke of Jones Trading pointed out that the last time a full day of trading registered lower volume than Friday was back on Dec. 26, 2008. “One would expect volume to pick up modestly into year end, but it will be surprising if the acceleration is material, as Wall Street remains in holiday mode,” he said.

A dearth of action didn’t keep new highs from being knocked out, however, with the blue chips ending last week at their 52nd record of the year. But if you think we’re in a bubble, you ain’t seen nothing yet, warns Gary Savage. The real bubble is just getting started (more on that below).

In the meantime, expect a mostly hushed atmosphere heading into “the worst” holiday of the year, as John Oliver so accurately puts it. “It’s like the death of a pet,” he says. “You know it’s going to happen, but somehow you’re never really prepared for how truly awful it is.”

Same with the death of a bull market.

Key market gauges

Futures on the Dow US:YMH5 and the S&P US:ESH5 are pointing lower. Europe SXXP, -3.24% is also nudging south, as Greek lawmakers failed to agree on a new president, triggering a snap election for early 2015.

Asia ADOW, -1.03% was mostly higher, led by a 1.8% advance on the Hang Seng HSI, -2.06% . The Nikkei NIK, +0.17% , 25 years after hitting its all-time high, tried to eke out gains but ended up to the downside. Also, it appears as if Ebola may have added some volatility in Japan’s trading pits.

The quote of the day

“On this day long ago, a child was born who, by age 30, would transform the world. Happy Birthday Isaac Newton b. Dec 25, 1642.” — Astrophysicist Neil deGrasse Tyson, in a tweet that has garnered about 80,000 retweets since Christmas. Here he is explaining it.

The buzz

So, “The Interview” was released, after all, and up to Sunday, Sony SNE, -0.87% pocketed $15 million from online sales and rentals. That’s five times more than it made in the theaters. It’s not quite breaking even with its $44 million budget, but it’s on its way. Should theater owners be worried?

The disappearance of an AirAsia MY:AIRASIA flight prompted a selloff in shares of the Malaysian budget airline. The stock gave up 8.5%, its biggest decline in more than three years. It didn’t help that Kuala Lumpur-based Hong Leong Investment Bank downgraded AirAsia from a buy to a trading sell.

Shares of Manitowoc are rising sharply in premarket trading, after billionaire investor Carl Icahn disclosed a 7.8% stake in the crane maker.

Goldman Sachs GS, -0.44% and many of its clients stand to lose $800 million from a loan made to Banco Espirito Santo BKESY, +46.66% PT:BES just weeks before the Portuguese lender collapsed.

Small caps have been under the microscope of late, thanks to their recent surge. Technical analysts are sniffing out a potential push to the upside in the Russell 2000 RUT, -3.35% . “Shorts have been beating on small caps all year, but it looks like the bulls might win out in the end,” Bespoke wrote. “This is definitely a very positive formation, if the breakout can hold over the next few trading days.”

Bespoke

The economy

The economic calendar, as expected for a holiday-shortened week, is relatively sparse. The Dallas Fed manufacturing survey comes out at 10:30 a.m. Eastern today, with the S&P/ Case-Shiller house price index carrying a bit more weight on Tuesday.

The chart of the day

Plenty of ink has been spilled about how the rich just keep getting richer and the rest are struggling. This chart from Edward Wolff of NYU pretty much captures why it’s true. “The research helps explain part of why the recent recession, which hinged on a housing bust, was so much more difficult for the middle class than a typical recession,” writes WSJ’s Josh Zumbrun. “It also helps explain why the recovery has been so disappointing to many.”

WSJ

The call of the day

You think we’re in a bubble now, just wait until 2015 unfolds, says Gary Savage of the Smart Money Tracker blog. He was mainly addressing the gold bugs when he said that traders should “check their biases for the time being and allow themselves to make some money off the stock market.” Despite the run-up in this market, Savage says we’re about to enter a “rare period of time” where big money can be made. “Instead of competing in a market that is clearly being manipulated against you...,” he said, “decide to trade the market that is being manipulated in your favor.” If you miss this bubble phase, Savage warned, “it will likely be years before the next one comes along.”

Random reads

This is why airlines want to make passengers suffer. The feel-good story of the season. The feel-bad story is United’s UAL, -8.60% treatment of this dog.

Exploring the baseball-card bubble.

This time tomorrow we could be reading about Jim Harbaugh, Wolverine.

Why this one VC guy loves Twitter TWTR, -0.62% . Meanwhile, the number of people actually enjoying Facebook FB, -1.73% is down to four.

Chris Rock, killing it professionally, failing privately.

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