The Santa Claus Melt-Up has remained in force, with varying results from individual stocks underneath the surface. If you’re in the right names, however, there has been plenty of money to be made. The NASDAQ Composite Index tucked itself to bed today with another new closing high, its tenth in a row to be precise, and visions of sugar plums no doubt dancing in its head.
Heading into the end of the year, I don’t see any big reasons for the market to sell off. However, given its extended upside state, a profit-taking pullback could always come into play. But, barring some sort of critical news between now and New Year’s, the indexes remain in a buoyant melt-up trend, for now. Nevertheless, stay alert, because this market has a habit of pulling the rug out on investors just when things look their rosiest.
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