The S & P SPDR ETF (NYSE: SPY) made a new high on 12-24.
Chart Courtesy of StockCharts.com
The low volume didn't take away from the concept. The S & P
500 finally closed at a new high from the March bottom. Now, it
has to stick around this level as volume returns in the new year,
or the party won't last.
So Santa Claus finally showed up, and those who hung around got a bit of a Christmas
present. Now what happens?
If the market's seasonal tendencies hold true, maybe a bit more of a gain before
the year is out, and perhaps even more up side action in early January.
Still there are plenty of worries. Terrorists seem to have returned. At least
one attempt over the holidays took place. And the health care debate is just
beginning.
Iran, Iraq, and Israel are sarting to heat up. Dubai may or may not be the only
glowing pearl in the world that sinks into debt related problems.
And the price of oil is starting to climb, as are interest rates. Finally, if
the dollar continues its upward trend, other things will change. In other words,
the S & P has its work cut out for it.
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