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Everyone keep in mind Al D's recent posting, courtesy of Stock Trader's Almanac, of the historical market tendencies of Thanksgiving week and the Monday after...
..and, also, this one:
THANKSGIVING WEEK [Almanac]
“The best short-term trade appears to be getting long into weakness on Monday or Tuesday of Thanksgiving week and selling into any subsequent rally by the end of Thanksgiving week, but remain nimble…”
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..and, also, this one:
THANKSGIVING WEEK [Almanac]
“The best short-term trade appears to be getting long into weakness on Monday or Tuesday of Thanksgiving week and selling into any subsequent rally by the end of Thanksgiving week, but remain nimble…”
Elsewhere, existing home sales at 10:00 ET
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Interesting comment from Futures Trader 71 during his morning broadcast (Traderbite). He said normal behavior on a gap up open like today is a reversal down to shake out the weak longs then continue the move on up. But this market is rewarding the weak longs by immediately moving on up from gap up opens. He says this is the same behavior he traded leading into the dot com crash. He was careful to say that he wasn't predicting a crash, just noting the parallel.
My personal opinion is that in both cases the market was lead by smoke and mirrors story tech stocks and fueled by Fed surplus liquidity so you would expect traders to do something similar. Doesn't mean we get the same ending because the Fed has learned something, but we will get an ending.
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probably the rest of the day will go like this as usual.
Attachments
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