STOCKS inched higher last week as a crash in oil prices supported an apparent boom in holiday sales. Tradition suggests the bulls will stay in control this week.

The descent in oil prices reached historic proportions last week, and they are now down by almost half from the summer peak. The Opec-induced oil spike of the 1970s defined an era of inflation, and this crash could have profound effects on the economy and markets of our generation.

This week, traders will look for confirmation of a strong start to holiday-shopping season - the most critical quarter for an economy built around the consumer. If Black Friday (the day after Thanksgiving) is a national shopping holiday and the first day of commercial Christmas, then this Monday (Cyber Monday) may be the busiest.