What would it mean for 2012 if a Santa Claus rally fails to materialize between now and early January?
That prospect has many on Wall Street worried. To be sure, as I reported earlier this week, the odds are good for such a rally — a 78% probability, in fact, based on the last 115 years.
But what about the remaining 22%?
Concern about that possibility is what led in prior years to a widely quoted aphorism: “If Santa should fail to call, bears may come to Broad & Wall.” (The phrase, as best as I can tell, was originally penned in the early 1970s by Yale Hirsch, author of the Stock Traders Almanac.)
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