The stock market’s bulls will likely pull Santa’s sleigh today

The Fortune Teller Speaks:

I predict a stock market rise as investors go bullish on the Holidays and New Year 2014.

All Eyes on Wall Street:

All eyes will likely not be focused on Wall Street this week, as the Holiday season will lower stock trading volume. Still, we are due out for a plethora of data this week, so both the bulls and the bears have a chance to shine. Today is the day of the consumer for economic data, as we are expecting the Personal Income, Consumer Spending, Core PCE Price Index, and University of Michigan Consumer Sentiment reports in the morning. With the largest shopping season of the year coming to a close, bad data could surely bring out the bears for some Christmas dinner.

Hindsight is a Beach and We’re Playing on It:

Last Friday we got waxed in our predictions, with the S&P 500 (NYSEARCA:SPY) rising 48% to reach a new record, the Dow Jones Industrial Average (NYSEARCA:DIA) rising .26% to reach new record, and the NASDAQ 100 (NASDAQ:QQQ) rising 1.15%, not for a new record. Investors appear frantic to make sure that we close out 2013 as high as possible, despite the fact that this market appears poised to roll over big time.