Morning Minutes

Santa Claus Rally Slows



The week between Christmas and New Years has historically been pretty quiet with many market players off on vacation, and we have been seeing that again this year. Coming off a mixed Tuesday that saw the Dow Industrials climb to a new all-time high, but the NASDAQ slide 0.5%, the three main US index futures are all pretty much flat this morning. Overseas markets have been soft with a 0.8% gain for the FTSE somewhat of an anomaly with the Dax down 0.4%, the Nikkei down 0.6% and the Hang Seng down 0.8%.  

Commodities are also drifting today with WTI crude oil down 0.2% and copper down 0.5%. In currency trading, Bitcoin is under pressure again, falling 2.0%, while gold is down 1.0%.

Canada returns to trading today. Investors north of the border haven’t missed much in the way of news or market action so far this week. The main news highlight was MasterCard announcing that by their tracking, holiday season retail sales rose 8.5% this year, with jewelry and clothing sales particularly strong.

The rest of this week is expected to remain relatively quiet. Tomorrow brings US weekly jobless numbers and the usual early PMI reports, such as the Chicago PMI report. Several overseas markets are closed on Friday.   

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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