Can November’s market rally last?

SANTA arrived early in November, swooping down in his sleigh to halt the market fall. Markets generally did not fall to their next support levels. Instead, they developed a relatively small pullback, followed by a Santa sleigh rescue that lifted them in new rallies.

The existence of Santa is a vexing question that dances around the delights in unexpected presents and the harsh reality that Santa might not be real. In my family, we do not necessarily want our seven-year-old blurting out the truth to his three-year-old sister.

That’s also a dilemma that sits uncomfortably in the market.