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Santa Jams Markets Into the Close: Dave's Daily

There wasn't much good news in the data released Friday. Durable Goods missed estimates ex-transports; Personal Income and Outlays also missed and continued to show declining income especially; and New Home Sales were higher by 1.6% which was in line with estimates. The congressional tax impasse was broken as most thought it would but that didn't stop headline writers from trying to find a reason for the rally. Most headlines centered on the major indexes closing in the green for 2011 which is quite an achievement given the overall news coupled with low / near bear market levels just a month or two ago.

Oil prices rallied back to near $100, gold was slightly lower and the dollar was flat. Ten-year Treasury bonds broke back above 2% as prices fell.

Bulls brushed aside all the uninspiring news to rally especially into the close on light volume. Many HAL 9000s were left on auto pilot and you could see the results clearly on 5 minute charts noted below.

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DIA - Dow Diamonds seeks to provide investment results that, before expenses, generally correspond to the price and yield performance of the Dow Jones Industrial AverageSM.
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SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
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QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund.PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®.  See more details

IEF - The iShares Barclays 7-10 Year Treasury Bond Fund seeks to approximate the total rate of return of the intermediate-term sector of the United States Treasury market as defined by the Barclays Capital U.S. 7-10 Year Treasury Bond Index.
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DIA $177.88 -0.03%
SPY $209.60 0.13%
UUP $26.02 0.15%
IEF $106.36 0.10%
GLD $101.25 -1.18%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

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