Friends
It seems as if the bulls are borrowing from the “fiscal cliff” deal announcement rally, as stocks continue higher despite no real evidence that a deal is imminent. Traders seem convinced that something is going to get settled before Christmas, and the bears who were positioned to the short side are scrambling to cover as their hopes for a pre-Christmas collapse are being dashed. Are we really close to a deal? I am not so sure, but the markets seem to believe as long as they are talking and trading proposals, then we are on the path to a solution. Here comes Santa Claus, here comes Santa Claus, right down Santa Claus lane…
By the close, the Dow Jones Industrial Average was up 115 points to close at 13,351. The S&P 500 was up 16 points to finish the day at 1446. Gold was down $26 to trade at $1672 per ounce, while oil was down $.70 to trade at $87.90 per barrel WTI.
I suppose as long as they are communicating, something can get done. Let’s keep our fingers crossed.
Have a great evening everyone.
