Monday, December 21, 2009

Santa Claus is coming to Wall Street...

The much anticipated Santa Claus rally (the mythical belief that stocks tend to rally during xmas week -- it has some basis in historical data, but there is no reason to believe it's anything other than a calendar oddity. If stocks rose 60% of the time in Thanksgiving week would we call it a Turkey rally?) kicked in today after Asia markets moved higher and the perception is that the winter storm didn't end life as we know it :)

The concern that Europe might struggle with debt problems has led to more buying of the US dollar and that typically has led to stock declines (stronger dollar equals lower commodity prices) but not today because we're all in the holiday spirit.

* Alcoa is having a great day in the market up almost 9% on the news that they'll partner with Saudi Arabia to build a giant aluminum complex in the middle east.

* Microsoft's CFO makes an interesting career choice sliding over to the same role with GM.

* Holy fees, Batman! It's funny I've never seen the guy screaming on TV about free, free, free phones mention this...

"Verizon Wireless has decided to charge a huge $350 penalty to some of its customers who walk away from their agreements."

Wow, that seems a little aggressive. Watch for Congress to try to get a little goodwill out of this story by calling for an inquiry.

Cheers!

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