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Considering it has been over 3 years, since traders have seen a Santa Claus rally, expectations were not high and traders clearly did not bet the farm on an upside pop. The charts now send us mixed signals however it is important to possesses a game plan nonetheless.
With the final days of 2008 upon us, traders gear up for thin Holiday trading that could spark a Santa Claus run, or a run for the exits. With charts flirting with key levels, it looks as if it may be now or never.
After months on end of extremely volatility, as noted by continuous multi-hundred point moves in a given day, and a Vix that loves to hang above 60, the market seems to have swallowed a chill pill for the time being and seems to be calming down. This doesn’t mean there is a bullish or bearish bias, but it is worthy of our respect and our flexibility.
As Mr. Market prepares to usher in a little Holiday Cheer, we run through the charts and prepare what has all the makings of a nice final full week.
