What fiscal cliff?
Stock prices rose last week to their best weekly gain in five months as investors cheered the start of the holiday shopping season, encouraging economic data from Germany and China, improved housing data, and confidence from President Obama and Congressional leaders that the fiscal cliff will be avoided.
Is this the beginning of a "Santa Claus rally?"
Jordan Kotick, global head of technical strategy at Barclays, told CNBC, "We are about to head into the best seasonal time for the equity market." Despite this seasonal tailwind, the market's near-term direction may still depend on how Washington handles the pending budget and tax cliff.
So far, the market seems to be pricing in a compromise that will avoid the worst-case scenario.
The rest of the report can be found here.
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James T. Parks, CFP®, AEP, AIF
President and Wealth Advisor