04/12 Indices, page-79

Here's the theory about why Santa rallies may be no more. It's because Black Friday sales (or black-whatever-day-of-the-week sales) are taking over from Xmas, bringing forward the customary Santa rally by about a month. So, stocks rise in November and then start to fall a few days into December.

Seems as good a theory as any, so today's big rise on the XJO was ideal for opening a short. If the theory is right then the XJO should be downwards from now until January.

Not looking good so far, because the XJO today just keeps on rising. Will probably take a few days to see if the theory works.