Santa Claus is Still Coming to Town - The Rally

Stocks soared last Friday after the government published the jobs numbers for the month of November. Given good job growth, the economy appeared to be able to support a December Fed interest rate hike. The news overshadowed and outweighed a critical OPEC determination Friday to keep oil production unchanged. Given the importance of energy prices to a significant portion of the U.S. economy, we would have expected stocks to sell off on Friday. They have given ground ever since, but Friday’s frenzy higher led me to a conclusion about the famed Santa Claus rally. While Saint Nicholas is famed for his generosity, the Santa Claus rally appears still set to proceed on apparent greed and ignoring serious risks. Once the current volatility has settled stocks should charge higher through the second half of the month. However, and it’s a big however this year, geopolitical or terrorism disturbance would ruin our holiday plans. See the full report on Why Santa Claus is Still Coming to Town. 

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