Friends
For those of you who have been with us for a while you may remember me talking about the Santa Claus rally back in 2008. Well, actually I was pleading for a Santa Claus rally back in 2008 as you may remember, as we were in the middle of the financial crisis. But, to clarify the Santa Claus rally period is considered to be the last 5 trading days of the year and the first 2 trading days of the new year. So, officially tomorrow would begin the period for the Santa Clause rally. That may have been more information than you ever wanted about the Santa Claus rally but …
As for today, despite my believing that we might be through with major headlines for the year (I knew that would come back to bite me), President Trump surprised us (well kind of) with the rejection of the stimulus bill, sending it back to Congress for a redo. The stimulus bill headline didn’t seem to bother the bulls though as stocks remained in positive territory throughout most of today’s trading session. By the close, the Dow Jones Industrial Average was up 114 points to finish the day at 30,129. The S&P 500 was up 2 points to close at 3,690. The Nasdaq Composite Index was down 36 points to close at 12,771. Gold was up $4 to trade at $1,874 per ounce, while oil was up $1.03 to trade at $48.05 per barrel WTI.
The markets will be open until noon tomorrow our time, but unless something unexpected happens, we’ll wish you Merry Christmas and Happy Holidays now and be back with you on Monday.
Merry Christmas Everyone.
