Santa Claus Rallies
       Santa Claus Rally in A Bear Market

          In a bear market, the period from December 22nd to the second week of January
is extraordinarily bullish.  In 13 of 14 cases since 1920 the DJI rose and usually
rose quite significantly.

        Cases of Fierce Bear Markets in December and January Highs: 1920-2008                     
 
1920 - 67 on 12/22 to 72 on 12/31 and 76.1 on 1/10/1920
                             (In 1930 and 1931 DJI stayed below the 2.5% band all of December.)
1929   12/19  240.40 to 248.50 12/31 and 252 on 19th rrading day of 1930
1930 - 12/22 162.40 to 164.60 12/31 and 174 6 trading days into 1931.
1931 - 12/22 79.60 to  77.90 12/31 and 85 in 9 trading days into 1932
1932 - Rally from 12/22 (56.60) to 12/30 (60.30) and 65 in 8 trading days into
1937 - fell from 128.60 on 12/22 to 120.90 on 12/31 and 134 in next 7 trading days
1941 - 106.60 on 12/22 to 111.00 on 12/31 and 114 only two days into 1942
1966 - 801.67 on 12/22 to 785.69 on 12/30 and 835.13 on 1/13/1967
1969 - 785.97 on 12/22 to 800.36 on 12/31 and 811.31 on 1/5/1970.
1973 - 818.73 on 12/21 to 848.02 on 1230 and 880.69 on 1/3/1974 but back to 823.11 on 1/10/1974
1974  12/20 598.48 to 616.24 12/31  and 658.79 on 1/10/1975
1977   12/22 821.81 to 831.17 on 12/20 and 781 on 1/10/78
1987 - 1978.45 on 12/22 to 1938.83 on 12/31 and 2051,89 on 1/7/1999
2002 - 8512.01 12/20 to 8341.63 on 12/31 then 8842.62 on 1/14/2003