The week before Christmas was a banner week for stocks. The S&P 500 surged 3.7% and touched positive territory for a gain for the year. But will the holiday cheer continue on this side of the Christmas holidays?
So far the Santa Claus rally period, which covers the last five trading days of the year and the first two trading days of the new year, is off to a good start. The S&P 500 gained 0.9% last Friday in a very light day of trading. NYSE volume was only 434 mln shares.
There is only the sometimes market moving Consumer Confidence report and the State Street Investor Confidence report in the morning scheduled to come out. The Consumer Confidence research reports overall confidence index jumped 9.3 points to 64.5. This follows a 14.3-point rise in November.
Some company news like Sears Holdings (SHLD) saying its total same store sales declined 5.2% so far in the quarter and that it will close over 100 Kmart and Sears stores was our pre market. Cal-Mine (CALM) reported a 53% rise in profit.
On the global scene, China's stock market had a lower level after trading. The Shanghai Composite declined 1.1%, leaving it down 22.8% for the year, reportedly on concerns about weak company profits.
So far on Tuesday volume is very light with many stocks trading with open spreads. However along with that the market is up. Should it close up today it will be the fifth day in a row.
Trade with a plan.