We are starting to see more typical holiday trading now, with low volume and a general bias towards the upside. Even with that taking hold, the tendency is usually that we see small caps attract a lot of hot money in the festive holiday season. This year, that is not really the case just yet, likely because of how punishing the market has been in 2011 to momentum players. In fact, I would not be surprised if BOTH the bears and dedicated momo guys closed up shop and called for 2011–That is just the kind of year it has been.
In sum, we are drifting higher and the S&P 500 has recaptured
the key 1220-1230 area. Short-term constructive looks to be the easiest path to go until next week.
Despite http://www.bloomberg.com/quote/GBTPGR10:IND
there is no way vaticanland is gonna be the ones to ruin the anointed ones b-day market celebrations