Wednesday, December 19, 2012

Santa Claus is Coming to Town

We did in fact turn the corner after a very good day yesterday. The MTT outlook is clear sky's and sunny. The only slight concern is we are nearing overbought territory. Even with that we should have at least a few good days ahead of us.

I sold SOXS and NUGT early yesterday morning after it was apparent the market was strong. I was able to get in GASL and ride that for a 3% - 4% gain. I'm still long and feel it could get to $24 and then $26. I'll ride it out as long as I can.

Many people refer to a surge in stock prices in December as a Santa Claus rally. No one knows exactly sure why prices have a tendency to go up at this time of year. Some people assume because of tax reasons, happiness, or work bonuses. In any case, late December has usually been a good time for the market and the hope is this year will be more of the same.

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