NUGGETS OF ALPHA
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A Santa Rally happens because of investor optimism into the new year:
The holiday season can lead to increased optimism and buying sentiment, driving up prices.
Institutional investors may "dress up" their portfolios by buying stocks that have performed well before the end of the year, boosting their short-term performance.
The Santa Claus rally may come after a period of tax-loss harvesting, where investors sell losing stocks to offset capital gains taxes. Once this selling pressure subsides, prices can rebound.
Lower trading volume due to holidays can make it easier for smaller price movements to have a larger impact on the market.
The market is forward-looking, and two big things are coming:
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