Yes, Virginia, there is a Santa Claus as he was spotted making early Christmas deliveries on Wall Street before moving onto Park Avenue. The Dow and S&P500 have returned to their highest levels since late August 2008, while the Nasdaq is back at levels not seen since December 2007.
Growth, growth, growth. The choir singing Wall Street’s latest holiday carol has grown larger by the hour. The market is driving under the influence of expansive Jupiter which is at home in Pisces, whose motto is “I believe.” As Jupiter and Uranus in Pisces conjoin for the third and final time on January 4, optimism has gotten so overwhelming that all the bears have went into hibernation. Analysts, traders, and individual investors have embraced Pisces message of oneness that the market will continue to soar higher in 2011.
Reaching this level of euphoria did not come cheap. It took QE2’s $600 billion program (and the Fed reinvesting maturing mortgage securities) combined with $858 billion in tax cuts. It’s sacrilegious to mention the d word (as in deficit) now. Just thinking about such things would ruin Pisces’ fantasy. For the time being, the only “Black Swan” out there is a movie about the Pisces-ruled world of ballet.
If you’re wondering if Saturn in Venus-ruled Libra got a bit too carried away with the holiday socializing and forgot that there’s business to attend to, fear not as Mars in Saturn-ruled Capricorn will be squaring off with Saturn in Libra Wednesday. Save the partying until after 8:21 PM EST New Year's Eve as it's time to sober up. There’s a possibility the upward momentum could get temporarily stuck in a snow bank as Mercury in Jupiter-ruled Sagittarius is about to reverse gears and turn direct back to where it was November 22-23. Before that, the Sun conjoining Pluto in Capricorn and the Last Quarter Moon in Libra incorporating all of these energies, could remind us that the debt is still out there.
Correlating with the ultra light end of year holiday volume (and to prove to myself I am capable of writing a short post – LOL), the regular Weekly Forecast format will return next week. (See my posts on the Sagittarius New Moon Cycle and the Winter Solstice for more info.) And check back (or subscribe by email) as I will be posting during the week.