Santa's Still On Hangover...

FUNDAMENTAL ANALYSIS
The Dow was under some early pressure today as retailers turned in a disappointing number as the retail sector was usually the sector that lights and powers the Santa Claus rally. However, early pessimism was quickly overtaken by the prevailing bullishness and probably some window dressing effort. More and more investors are believing in a full scale Santa Claus rally and behaving as such. I do see more and more votes for ending the year higher these few days at my poll here PLUS institution sentiment is rising on my Institution Sentiment Index. Even though I am not seeing any hard numbers that should power the Santa Claus rally, I am still believing in it and that Santa today is merely on a hangover. :)

TECHNICAL ANALYSIS
The low volume today does make technical analysis quite ineffectual since volume is one of the 2 main components of technical indication. From the chart pattern, however, I see no reason why the Dow would not continue higher even though it might just go sideways for a couple of days before doing that.