We have seen a Santa rally, only this time Santa is Trump. This rally has overheated and needs to cool off for a while. It could still run up further until inauguration day, but after that it’s all about Trump’s policies. Both Trump’s policies and the Fed’s own rate hikes could set this up for a pretty nice correction. But then again, there are no real markets anymore and if they want Dow 20,000+ they will probably get it.