Stock Market Analysis

Tuesday, December 21, 2010

Santa Claus Rally Continues...

The Dow closed higher by 55 points as Santa Claus rally goes underway on higher holiday retail sales figures.

Fundamentals
Sales data pointed towards a roaring holiday shopping season today, lifting stocks in yet another low volume trading day. Indeed, Christmas week trading has always been light as most people go on holiday for the week. However, that won't stop the market moving yet higher if tomorrow's third quarter final GDP turns in better than expected.

Technicals
The Dow continue to make a cool and steady climb in short term overbought condition. However, there is still no clear sign of weakness in this climb and the Dow might just continue calmly upwards with the November high as short term support into the new year.

For now, the Dow remains in a short term bull trend, intermediate bull trend within a primary bull trend.
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