Waiting on Santa
by Erik Swarts, Market Anthropology
Gimbal's Manager: "Ok people - tomorrow morning, 10 A.M., Santa's coming to town!"
Buddy: Santa! Oh, my god! Santa here? I know him! I know him! - Elf
The SPX analog that we mentioned a few weeks back, continues to hold congruence with the closing weeks of 2011. With the SPX achieving a lower low in Wednesday's session, the comparative window for the much heralded Santa Rally would open tomorrow.
Considering the timing with next weeks Fed meeting and greater clarity with posture and policy, a bullish outcome over the near-term would certainly not be out of the question in equities.
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