What Was In Your Stocking?

Of course, Santa has come and come now, by nearly a month now. Talking about St. Nick there was not much in the way of a Santa Claus indicator for the last 5 days of 2021 and the first 2 days of 2022 produced nothing in the way of bullish behavior. May the old adage, “If Santa Claus should fail to call, bears may come to Broad and Wall”, be reliable going forward this year? Of course, no one knows until after the fact, but the energy group has been shrugging off most of this weakness. This year it is trouncing the other 10 major S&P sectors up 17% (only other group higher is the finnies up 2%). Inside the energy group is the hated coal names. AMR has traded very tautly, very impressive given the current market malaise, and it’s trading a bit on the illiquid side. It is still a couple of percent above a cup with handle pivot of 66.45. ARCH continues to do battle with the very round par number, and below is the chart of another strong actor in the space. HCC is acting well following the break above a bull flag pivot and is now flirting with an add-on cup base pivot. Respect the firm action on a soft tape Tuesday. 

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