It’s not for nothing that this time of year brings talk of a “Santa Claus rally” for the stock market.

“Since 1896, when the Dow Jones Industrial Average was created, it has produced an average gain of 1.06 percent during the week between Christmas and New Year’s,” writes Marketwatch columnist Mark Hulbert.

“That is far higher than the average that prevails in all other weeks of the year — equivalent, in fact, to an annualized rate of more than 80 percent.”

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

The market registered a gain during the Dec. 24-31 period in 78 percent of the Dow’s 111 years. It has gained in 54 percent of the other 51 weeks of the year during that history.

When stocks don’t enjoy a Santa Claus rally, the market’s slogan is “if Santa Claus should fail to call, the bear will come to Broad and Wall.”

But the numbers don’t back up that little ditty. When there’s no Santa Claus rally, the Dow has gained an average of 8.3 percent the following year, topping the 7.1 percent average gain following a Santa Claus rally.

Renowned hedge fund manager Leon Cooperman, CEO of Omega Advisors, may be one of those looking for a Santa Claus Rally. “The [Federal Reserve] has created an environment where there is no effective alternative to stocks," he tells CNBC.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown