By John Galt
December 22 2011 – 04:59 ET
This is the time of year where the idiots will tell the viewers of the various bubblevisions that the Santa Claus rally is a sign of underlying economic strength and that this portends a bullish 2012. They will claim it means a major economic turn around is coming and blah, blah, blah.
Did anyone tell Asia last night where Shanghai had its 4th negative close in a row and is in danger of crashing to new lows in its long term cyclical bear market. This is the silly season where charts and graphs mean little as the children take over the equity markets from today forward while the seasoned professionals are in the islands or ski chalet with their families enjoying the holidays.
So if the S&P 500 flies towards 1254, don’t get excited. If gold rises above $1647, ditto. When the adults return on January 3rd, the brutality of our economic situation returns also and the markets will resume their bearish march.
Of course, it could happen sooner if Greece goes tango uniform next week.
P.S. – Don’t miss my Friday December 30th edition of the Voice of Galt where my fellow VOGGERS get to hear the annual prediction show including a major prediction about Goldman Sachs.