US Stock Market: Shortened Session Ends Higher

The major indices closed at 1 o’clock Wednesday, but it was enough time to break the five-session losing streak. The Dow (^DJI) gained 49 points or 0.6%. The S&P 500 (^GSPC) also gained 0.6% or 5 points. The NASDAQ (^IXIC) lagged a bit, gaining 0.2% or 3 points.

So far this week the markets have not told me much in the way of where it wants to go in January. The light volume combined with the narrow trading range below the 50-day moving average has kept my short-term view neutral. The bulls Christmas wish is that the S&P 500 and Dow can break above the moving averages on big volume. The bears wish is that the breakout once again fails and the indices retest the lows of November. I guess it comes down to who was a better kid this year and Santa has the last call on where the market goes! I believe that Santa will eventually bring the bulls their present, but it may be a few weeks late.

MERRY CHRISTMAS!!

I will keep this short because Christmas Eve is one of my favorite holidays of the year and I am off to enjoy a great glass of wine and dinner in Manhattan. I hope everyone else enjoys the evening with loved ones.

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