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The Dow was up almost 100-points yesterday but it was more of a profit taking / tax selling day as most the broader indices had a day of distribution. The S&P 500 managed to close near the flat line but small caps and the Nasdaq saw sharper losses. Bonds were flat, the dollar was up. It's been quite a run but we know stocks don't go up everyday, even during this Santa Claus Rally week.

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Santa is in the building! Stocks rallied to start the official Santa Claus rally. Because of the historical bullish bias of the week before Christmas, I generally consider the Santa Clause rally to start the week leading up to Christmas, which we saw was quite good this year, but historically Wall Street considers the week between Christmas and New Years, plus the first two trading days in January, to be the official dates. Whatever you called it, it worked yesterday as the Dow and most indices ...

It was perhaps stronger than an a typical pre-Christmas day of trading on Thursday, and as the market started to dismiss the Omicron headlines, the bears went into hibernation mode for the holidays. The Dow gain nearly 200-points on the day, but as you can see on these small chart below, there was a last minute sell off that took more than 100-points away from the Dow, and 14 off the S&P 500, but the S&P 500 did make a new closing high. That could a little worrisome heading into the new ...

Economic Calendar


-- Intrepid Timer

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What seemed to be another gloomy week for stocks after more than 1% losses on Monday turned into three straight days of gains leading up to the Christmas holiday. In those three days the C-fund gained 3.48% and reached its 68th record high of 2021. That was overshadowed by the S-funds 4.73% gain in those same three days which erased the S-fund's losses it had acquired in December. The rebound in action is building confidence in investors that the typical post-Christmas Santa Claus rally will take ...