Will intraday reversal kick-start Santa Claus rally

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The question now is will we see a continuation of the move today? Seasonality certainly thinks so. We have officially entered the “Santa Claus” rally phase of the year so the seasonal fanatics will be counting on Santa to bring in the New Year with a bang. 

Just remember the key term in the aforementioned statement is short-term. 

Overbought/Oversold for December 18, 2007 

S&P (SPY) - 37.0 (neutral)

Russell 2000 (IWM) - 43.1 (neutral)

Dow (DIA) - 37.6 (neutral)

Nasdaq 100 (QQQQ) - 28.2 (oversold) We work hard to bring you our latest views, opinions and research on a daily basis. If you are a loyal reader and find our thoughts useful please show us your support by joining our newsletter service.