Welcome back from the Christmas Holiday!
This is the final week of 2011 and is therefore another holiday shortened week with market closing early on Friday ahead of the New Year. The market is expected to trade with low volume and therefore fairly volatile this week with focus on Tuesday's Consumer Confidence and Thursday's Jobless Claims as well as Chicago PMI. Last week has been a week of great economic numbers, allowing the Dow to make a strong topside breakout of the 12,200 zone. However, the breakout happened on such low volume it is hard to see a strong trend coming out of it unless we see some strong followup this week, which is unlikely to happen on strong volume either. As such, it is still time to be cautious and not to be too enthusiastic on jumping in on the bullish wagon yet.
