Will there be a Santa Claus rally this year?

Kenzo Tribouillard | AFP | Getty Images

This has been a whirlwind year for financial markets. There was a 1000-point drop in the Dow Jones Industrial Average in a single session, a massive crash in the Chinese stock market, record drops in oil prices, and growing trouble in emerging markets.

But a recovery in the U.S. economy, led by strong growth in jobs numbers, and a string of policy measures introduced in the Chinese economy are reigniting optimism across markets.

Just last week, major indices in the U.S., Europe, and Asia ended the week with some of the best gains seen in recent months. The S&P 500, in particular, had its best week since October 24, 2014.

The optimism has paved the way for the clearest indication, to date, from Federal Reserve board members that an interest rate hike is likely in December, something markets appear to have already priced in. Much of the chatter among investors has now shifted from if, to when, the Fed will raise rates.

Some analysts think there will be a normal, year-end "Santa Claus" rally, an uptick in stock markets between Christmas and New Year's Day.

Shane Oliver, head of investment strategy and chief economist at AMP Capital said in a note that a "Santa Claus" rally is likely to happen, given current market conditions.

"Shares are cheap relative to bonds; monetary conditions are set to remain easy and the Fed is unlikely to do anything to threaten global growth," Oliver wrote. "This in turn should help see the global economic recovery continue."

So tell us, do you think there will be a Santa Claus rally this year?