Holiday trading has arrived. The indices were mixed, volume was thin and we had another late day sell off. Small-caps outperformed and there is a positive underlying tone to some of the trading action. Gold, oil, coal and commodities were the leaders despite some strength in the dollar, while semiconductors and steel lagged. Bears (substitute for Grandma) continue to get run over by Santa Ben’s reindeers. Any dip will likely be gobbled up by hungry buyers anticipating the Santa Claus rally.
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