David Twibell, President of Custom Portfolio Group, was quoted in TheStreet.com December 17: “Is a Santa Claus rally comin’ to town?”
Where is Market Headed?
While the S&P 500 swung widely this year with trading as low as 1,867 and as high as 2,130, the day to day volatility was often immense, but “it has ended up going nowhere,” Cassidy said.
“I don’t see the market being much higher than where it is today by year-end,” he said. “I wouldn’t be surprised if the last day of trading in 2015 determines whether we have a positive or negative year.”
While institutional money managers are “scrambling to catch up to the major market averages” and seeking a rally to boost their performance — and with retail investors wanting higher returns — a true Santa Claus rally is not likely to happen because of weak economic data, said David Twibell, president of Englewood, Colorado-based Custom Portfolio Group.
“Absent stronger economic data, I’m skeptical any late December rally will have legs,” he said. “The economy appears to be trending lower.”
