past out on egg nog
Where is the Santa Claus Rally?
This week, the S&P 500 continued to show weakness, breaking below the May low and trading down to its lowest levels since April 4th. A few weeks ago, we identified December as being potentially problematic. The U.S. stock indices have struggled throughout this year, and we suspected that a weak December open would leave fund managers throwing in the towel. The chart shows that December has seen a wave of selling since gapping higher to open the first session. However, the pattern has been that every time it looks like the floor is about to fall out of the stock market, it rallies, and we have seen a modest lift ... (full story)