Reply #12: You'll like this little tidbit, then . . . [View All]

[hatrack]

Post #42:

4:20 pm : The major averages opened higher amid upbeat holiday spending data and falling oil prices, but continued deterioration in the latter eventually compelled a limited number of investors to consolidate gains across the board, as the indices closed at session lows and all ten economic sectors lost ground. As is typically the case for the week wedged between Christmas and New Year's, total volumes were below average, providing less conviction behind today's broad-based move into negative territory which resulted in the Dow posting its largest one-day loss since late October.

While many initially thought a MasterCard SpendingPulse report that showed holiday spending rose 8.7% might help ignite a traditional year-end rally, skepticism behind the report -- one based on data excluded in more widely-following consumption reports and perhaps garnering added attention in the absence of notable earnings and economic data -- eventually overshadowed its potential importance.

EDIT

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2007803#2008577