(As of 7:20 am PST)
The markets are off
to a good start to kick-off the holiday week after a dismal week which saw
Friday close out with the largest one-day drop since September 1st. Investors
today are looking to shake off weak oil prices and seem to be on a hunt for
bargains as we head toward Christmas. Oil continues to dominate the news lately
with prices falling to levels we haven’t seen since 2004. Even with the
bargains that are available due to last week’s sell-off, the drop in oil prices
will be hard to ignore. The economic calendar is light today with no reports
due out. The rest of the week will be busy with a report for durable goods
orders and consumer spending all due out on Wednesday. The U.S. markets will
close early on Christmas Eve and of course will be closed Friday, Christmas
Day. We’ve been talking all month about a Santa Claus rally. The reality is
that the actual time-frame for the Santa Claus rally is typically during the
last five trading days of the year and the first two trading days of the New
Year. With that said, Santa Claus still has time to show up before the year
ends.
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