The rally today is due to Merrill Lynch, not Santa Claus. Asian (4 markets including Japan were closed) & European markets were up in light trading. Rally enthusiasm extended to NY. Dow is up 88 & advancers beat declines almost 4-1 on light volume (as in foreign markets). Interesting that new lows beat new highs 99 to 88, not a happy time for every investor.
The only major news item is Merrill Lynch (MER) is getting an investment of over $6B from Singapore's Temasek Holdings & U.S. money manager Davis Selected Advisers, to help it through it's financial crisis. The news came out last week, MER is down fractionally.
The rest of the week should be quiet.
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