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'Twas The Week Before Christmas...

12/27/04 09:40:30 AM
by Matt Blackman

Apologies to Clement Clarke Moore (1779-1863), author of the original "A Visit From St. Nicholas."

Security:   N/A
Position:   N/A

'Twas the week before Christmas and all through the street,
The market was humming and profits were sweet,
Portfolios were bursting with capital gains,
It was high time on Wall Street when no one complains.

The Dow was hitting a 30-month high,
As the transports approached a new high in the sky,
The dollar continued to at least hold its own,
And the Nasdaq advanced with hardly a groan.

An oil spike forced shorts to cover and fast,
If they didn't want losses to make this year their last,
Bargain hunters were nibbling at cheap Pfizer stock,
After the previous owners were forced into hock.

Conference board numbers were better this round,
Statistics were good and gains could be found,
The jobless numbers came in as expected,
And Michigan sentiment gains widely respected.

Volumes were low, although it's really quite normal,
Not a time to be serious or too ultra-formal,
Asleep at their desks traders dreamt of big gems,
For wives, for sweethearts, and for kissable friends.

When up at the Fed there arose such a clatter,
Were they all asleep, what could be the matter?
Inflation is tamed, or so they'd have us believe,
Rates remain steady, markets had their reprieve.

So what was the ruckus that was stirring the Street?
Had the Fed lost its marbles, reason gone to its feet?
There was no doubt that the funds rate is low,
Who was the giver, who this gift did bestow?

Markets have soared, they've moved higher each day,
As shorts ran for cover, the bears kept at bay,
Investors made money, every Tom, Dick, and Sally,
It was Christmas on Wall Street, a real Santa Claus rally.

There's no doubt who Santa is this time around,
He's been giving out gifts, there are lots to go round,
He's not fat and jolly, has no reindeer, no sled,
For Santa this year, is Sir Alan of Fed.

Have we missed our chance to catch this big move?
Who really cares, we've got nothing to prove,
Consumers are spending though they're deeply in debt,
Let's beg, steal, and borrow, we've lots of time yet.

As sectors rotate, consumer staples make their move,
Is it a sign that the economy is losing its groove?
If utilities strengthen, if financials then lead,
It'll be time to get defensive, to avoid the big bleed.

But while the sun shines on Wall Street, it's time to make hay,
Let's enjoy this season, let stocks have their day,
Our signals say buy, it's time to be long,
And the market will tell us when buying is wrong.

At this time of year at the end of December,
It's a time for family, a time to remember,
Let's thank heaven above, see how lucky we are,
Lend a hand to the needy, a little goodness goes far.

It's been a good year and we can't complain,
Raise a glass to yourself, to your capital gain.
But as long as we've love, we have nothing to fear,
Have a wonderful Christmas and a Happy New Year!

Matt Blackman

Matt Blackman is a full-time technical and financial writer and trader. He produces corporate and financial newsletters, and assists clients in getting published in the mainstream media. He is the host of Matt has earned the Chartered Market Technician (CMT) designation. Find out what stocks and futures Matt is watching on Twitter at

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Date: 12/28/04Rank: 4Comment: 
Date: 12/28/04Rank: 3Comment: 

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