We knew it was going to be slow today but I didn’t think it would be so completely uneventful.  We perked up a bit into the close but a rally in the last hour of trading the day after Thanksgiving doesn’t exactly inspire a great deal of confidence. Chip stocks acting well and there were a few pockets of strength in the usual momentum favorites but there isn’t real substance to this action.

 

Next week the bulls will have their work cut out for them. They have benefited from positive seasonality, strong momentum and performance anxiety but with the indices and so many individual stocks extended it is going to take some substantial effort to keep this rally going. The SP500 is now up 7 straight days in a row. I’d be willing to bet that streak comes to an end next week.

 

Have a good weekend. I’ll see you on Monday.