Stock Groups

Is This the Santa Claus Rally We’ve Been Waiting for? -Breaking

by Mike Robinson

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© Reuters. Is This the Santa Claus Rally We’ve Been Waiting for?

Stocks rallied after starting the week with a negative outlook. This helped to overcome the Omicron/Fed meeting woes. Be interesting to see if a run to new all-time highs in both the Nazzy and S&P 500 (SPY) is in the offing. I’ll discuss my thoughts on this and more in my commentary below….Enjoy this version of my weekly comment published on December 22, 2021, from the POWR Option newsletter.

The NASDAQ maintained the upward trend line, which has been there seemingly for ever, even though it was shaken by a strong start to the week. From a technical standpoint, QQQs appear to be as neutral or close as you can get. The closing price of shares was above the 20-day moving mean.

We are still below our all-time records, but it will be interesting to see if we can challenge the $400 mark by year’s end.

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