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Squawkbox market analysis with Rachna Patel from Thomson Financial Transcript: I'm Rachna Patel, and welcome to this week's Thomson Squawk Box Market Minute. The good news for stock market bulls as we start the month of December was the lack of bad news at the end of November. We avoided three very negative potential scenarios last month that could have sent stocks on a long decline. One, we were on the cusp of breaking below the long-term trendline, dating to October 2002. But we didn't. Two, we threatened to break below the important 21-month moving average. We stayed above it. Three, any one of the other two scanarios would have given even more credence to the bearish double-top pattern dating to the 2000 highs. Instead, we had a quick, but broad rally that kept stocks out of the cellar. We now have six mostly defensive stock groups that our Trend Intensity readings confirm are in uptrends. There were no stock sectors at all in uptrends at this time last week. Most of the other indices and sectors we track continue to consolidate, preparing for the next big market move. It's a little too early to say we're headed for the traditional Santa Claus rally in December. But at least we avoided all three very negative indicators that would have made a late-year equities bounce all but a statistical impossibility. For Thomson Squawk Box, I'm Rachna Patel.