U.S. stocks may get a slight lift in the holiday-foreshortened week as investors and traders do a little last-minute bargain hunting before their attention turns to eggnog.

Stocks erased weekly gains on Friday, with the Dow Jones Industrial Average DJIA, -1.92% falling 0.8%, the S&P 500 Index SPX, -2.37% down 0.4%, the Nasdaq Composite Index COMP, -3.01% shedding 0.2% for the week, after oil prices settled to their lowest levels in nearly seven years.

Following Friday’s triple witch — when contracts for stock index futures, stock index options and stock options all expire at the same time — and subsequent selloff, expect volatility to settle down this week as traders become more concerned with their holiday plans, said Paul Nolte, portfolio manager at Kingsview Asset Management.

“Expect a quiet week with a positive bias, if only to pick up a few bargains following the past two days of trading,” Nolte said.

December has been a tough month for stocks, with all three major indexes down more than 3% so far, as crude oil prices have dropped. Expect that pressure to remain as investors are still looking at the commodities complex as a surrogate for global economic activity, the portfolio manager said.

Next week’s economic data may provide a “five to ten minute move” in stocks, but not much else, according to Nolte. On Tuesday, third-quarter GDP gets revised, and on Wednesday, November consumer spending and December consumer sentiment figures are released.

While December has been rough, there’s still hope for some sort of proverbial “Santa Claus” rally as that generally kicks in the last two trading weeks of the year.

A smattering of companies report earnings this week with a focus on Dow-component Nike Inc. NKE, +8.76% , which reports fiscal second-quarter earnings on Tuesday

Notable earnings reports this week