"The bears have Thanksgiving...."

[Alan Mendelson]

I was just checking some Internet references about year end or Santa Claus rallies on Wall Street, and I saw this phrase that I hadn't seen before:

“The bears have Thanksgiving, but the bulls have Christmas.”

I hope that's what's going on this year. But I also recall that the short trading day after Thanksgiving -- Black Friday -- traditionally is a rally day for stocks, and a day that the stock market finishes in the Black. Yes, a Black Friday for stocks too.

[Alan Mendelson]

Black Friday is going to be very important for Wall Street. There is a strong tradition for stocks going up -- even modestly -- on the short trading day after Thanksgiving. If this tradition fails this year, you have to doubt whether there can be a year end of Santa Claus rally.

[Alan Mendelson]

Bad news, the Dow was down on Friday, and down 564 points or almost 5% on the week. Another tradition smashed -- the Dow didn't have a day in the Black on Black Friday.

Does this mean no Santa Claus or year end rally?

[Alan Mendelson]

It's Monday and the Dow is now trading back above 12,100 so does this mean Santa will deliver some green profits to stock market investors this year? Does it prove the old saying that the bears have Thanksgiving but the Bulls have Christmas?