Market Will Make A New High – Santa Claus Is Coming To Wall Street

Posted 9:30 AM ET - The news is light and the market will make a new all-time high this week. Even a small bid will push stocks higher and shorts are not going to stand in the way. Money Managers are paid on performance and bonus checks are bigger when the market finishes the year on a positive note. In the last 10 years the average gain the last week of trading is 1.6%. Durable goods orders were little soft this morning, but GDP came in much stronger than expected (5% versus 4.2% expected). This was a strong number and the market loves it. The Fed will remain accommodative and traders are not afraid that tightening is right around the corner. China will support the ruble and financial collapse worries in Russia have temporarily subsided. The two countries have always had strained relations, but China needs cheap energy and there are plans to build a pipeline. Low gasoline prices and strong economic conditions provide a good backdrop for retailers. The S&P 500 is up 10 points before the open and we should see a nice push higher. I outlined my trading strategy in yesterday's comments. Stay long and don't go overboard. I will not be posting comments the rest of the week. Merry Christmas and Happy Hanukkah! . .

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