| The North American markets retain a fair amount of seasonality during the course of the calendar year. In many cases, this results from a simplistic supply and demand. For instance, the proverbial Santa Claus rally extending from American Thanksgiving to early January usually results from the confluence of the end of tax-loss selling, the growing thinness of the equity markets in early December, year-end institutional window-dressing, and the natural tendency for investors to hold onto their gains until the turn of the new January 1st tax year. Due to this habitual seasonality, investment opportunities frequency occur. Presently, we believe investors should remain alert for profitable opportunities.
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