Don't hold your breath for a Santa rally

WITH last week's Fed rate hike safely in its rear-view mirror, the local market looks all set for its own vacation in a week that will be shortened by an early close on Thursday and a public holiday on Friday.

While trading volumes typically start to tail off around the later part of December, investors will undoubtedly be hoping for the traditional, feel-good Santa rally in local shares near the end of the year.

Unfortunately, the ghost of Christmas past is hardly something that you can hang your hat on.