I’ve said this before but this time the market has outdone itself as this past week may in fact rank as the single most bizarre week I’ve seen in my 26-plus year career. While some might be looking for the proverbial Santa Claus Rally as we move into December, so far it looks like tech, internet and other growth leaders have been moved over to Santa’s naughty list. They still have about 22 days to get back on the “nice” list, however, and that’s a topic we’ll get to in a few paragraphs.
Meanwhile, laggards have been moved to Santa’s nice list as divergences emerge all over this market. My screens are mostly picking up strength in names with poor earnings and sales growth, creating something of a conundrum for strict growth investors. And while the indexes hold up near their highs, underneath the surface of this market chaos reigns.
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