So far, so good on this Santa Claus rally, so I’ll take a peek at what happens in 2014. Of course, I hear the cries of “market crash” with the doom/gloomers yelling louder. They may be right, but the usual pattern after a break from congestion is a continuation of how the market was operating pre-congestion.
Given that, I think we’ll see at least 17,000 on the Dow. After that? We’ll come back to that later!
I’ll end the last official 2013 column with some stocks in the news. Heading that list is (UPS) for its XMAS deliver snafu. A lot of people aren’t happy with the company right now, but it does show they have more business than they know what to do with. Hard to hate a company in that situation.
Wal-Mart (WMT) has also been in the news, and most people don’t realize it went through a very long period of doing nothing. I think that’s over now and it looks like WMT has the momentum back.
That’s it for 2013. Back to kick off ’14 next Friday.
Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."