Market is closed for Christmas Holiday.

The market rose again on this Thursday and registered its fifth straight gain. All three major indexes are now sitting at their highest levels for the year. The market is going to be closed tomorrow for the Christmas holiday and next week will be another holiday-shortened week. We expect little movements before the year-end. Most economic news came better than expected for the session. Initial jobless claims dropped by a larger-than-expected amount to 452K from 480K. It was the best figure since September 2008. Based on the recent trend, we will see positive payroll numbers in early 2010. Durable orders excluding transportation, meanwhile, jumped 2% in November and were double what economists had been expecting.

Most major sectors finished the session higher led by technology and basic materials. The CRB commodity index rose 0.6%. The US dollar was lower against most major currencies. Treasury yields increased. The three-month US LIBOR was unchanged at 25 bps. The VIX index was little changed. The market breath was positive on both NYSE and Nasdaq. The volume was on the light side.

The market rose modestly on this Wednesday and registered its fourth straight gain. The economic news, however, was not as rosy as yesterday. Both personal income and spending for November rose less than expected. In addition, new home sales fell 11.3% from October to an annualized rate of 355K units. Economists had been looking for a modest increase to 438K. The dollar, meanwhile, dipped slightly after gaining in each of the past three sessions.

Most major sectors finished the session higher led by energy and basic materials. The CRB commodity index rose 1.6%. The US dollar was lower against most major currencies. Treasury yields increased. The three-month US LIBOR was unchanged at 25 bps. The VIX index was little changed. The market breath was positive on both NYSE and Nasdaq. The volume was on the light side.

The market continued its momentum and registered its third gain in a row. Both the Nasdaq and the S&P 500 were closed at fresh highs for the year. December is historically the strongest month for stocks and it looks like this year will be no different. Better than expected economic news was the main reason behind today’s movements. Existing home sales for November jumped 7.4% over the previous month to an annualized rate of 6.54 million units. Economists were looking for a modest growth to 6.25 million units. As we have stated numerous times in the past 12 months, housing is the key and will likely remain so for the foreseeable future. In other economic news, third quarter GDP was revised downward to 2.2% from previous reading of 2.8%. But investors mostly ignored this out-of-date news.

Most major sectors finished the session higher led by telecom and basic materials. The CRB commodity index was little changed. The US dollar was mixed against most major currencies. Treasury yields increased. The three-month US LIBOR was unchanged at 25 bps. The VIX index decreased 1 point. The market breath was positive on both NYSE and Nasdaq. The volume was on the light side.

The market started the new week in a strong note. It is going to be a shortened week and is also the final full week in 2009. Volume is expected to drop dramatically in the next few sessions. For many investors, being quiet is not a bad option considering the wild path the market has taken during 2008 and the first half of 2009. Today's market was driven by some encouraging M&A activities and a strong dollar. The former was seen as a sign of confidence by the business community. In fact, through record amount of debt issuing this year, many companies are loaded with ample cash and will use it when opportunities emerge. The rising dollar is an interesting issue. It is still too early to tell whether it is a new trend or merely short covering. At some point, a strong US economy will lead to a strong US dollar and boost equity markets as well. But at this point, it is difficult to make that call.

All ten major sectors finished the session higher led by industrial and technology. The CRB commodity index dropped 0.5%. The US dollar was higher against most major currencies. Treasury yields increased. The three-month US LIBOR was unchanged at 25 bps. The VIX index decreased more than 1 point. The market breath was positive on both NYSE and Nasdaq. The volume was light due compared to last Friday.