Santa Claus is coming to town. So say Jeffery Saut of Raymond James and wave theorist Steve Hochberg of Elliott Wave International. But, they quickly add, he won't stick around.
The markets' current lift certainly isn't supported by either leading or trailing economic indicators; Saut says it's quite something else.
"It was like pressing down on a spring for the equity markets," he explained to CNBC Tuesday. "You push it down far enough, you're going to get a throwback bounce. I think we've started the Santa rally; whether the markets are destined to eventually go lower remains to be seen."
He sees bargains in some technology names like Intel and Microsoft, with plenty of cash and no need to go to the credit markets.