It might be a Christmas (or Chanukah) Miracle, we may be getting our Santa Claus Rally right before the holiday after all! Stocks are furiously higher today, they gapped open plus 2% and kept on running. As of this posting, all 30 Dow stocks are positive on the session – many of them close to 3%.
Also, I finally got my “Hundred Dolla Roll” on Visa ($V). I’ve been talking about the stock a lot since October and explaining the old traders’ maxim of never selling a stock on its way across $90. Here’s me talking Visa and the hundred dolla roll on CNBC back in October:
Full disclosure, we own the stock for clients and are not selling it (you also don’t want to be a seller of a stock as it breaks above 100, usually)
Also notable, Jefferies triumphed over it’s critics this morning with a better than expected earnings report along with a drastically reduced balance sheet. Its main critic, Sean Egan, had to be a man about calling Jefferies the next MF Global. Egan was somewhat cowed this morning and admitted that $JEF has made some progress. The stock was up as much as 20% today, can you say “short squeeze”?
Anyway, markets are showing no sign of letup as Europe is now closed (and blessedly silent for the night). Don’t make too much of it but, sure, go ahead and enjoy it.