This last stretch to tax selling is closing fast, and literally if the market doesn't snap out of this downward drifting, and in my opinion won't... until after the Santa's Rally... Traders, most of whom will be of general public retail background... will be selling bad performing stocks in the last few days of the period just before Christmas so they can lock in losses for a tax strategy to apply against stock gains on holdings they are still holding into the new year.
These losses must be recorded in the current year and as the markets will be closed erratically over the period from Christmas Day to New Years... (which by the way is the period that is described as "Santa's Rally")... the quality or momentum of the drop will give some insight into the potential of the coming "January Effect" which is historically a general 2 to 5% gain reserved for mid to large caps if they are in the quality department.
Small Caps is anyone's guess. However, considering the length and breadth of the last few months... there should be bounce and opportunity for entry at very low risk points in the small cap arena.
GLTA Lostoutwest
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