We had a rare down December/FOMC option expiration week. Most importantly, it gave us another down weekly close and VIX is scrapping along the recent low. This action felt a bit like the lousy Thanksgiving week and upside probe had been rejected two days in a row even though we closed slightly green both days. Will we get a big rally like the week after Thanksgiving? Another likely scenario is a higher VIX and some early week weakness next week to setup a potential rally into end of the year.
Ok, that’s it, use of word “Santa” is banned. St. Nick, Old Jolly Elf, Man in the Red Suit, all still permitted.