Evening folks. Dicey week in the markets last week as europe once again was front and center. The major indices were down nearly 4% across the board. The triangle pattern that everybody was watching broke to the downside leading us right down to the 50 day moving average on the s&p. This week will be key for follow through as a break below that 50 day moving average could potentially leg us down to s&p 1150 level. Volume will be light as its Thanksgiving weekend and many traders take this time off. We do have a positive seasonal bias this time of year after thanksgiving where a majority of times we tend to see a year end run for the markets.
Short week this week even though the volume will be low there will be a ton of opps. Often these low volume market days are great for smallcaps and low floaters as traders get bored and push around all sorts of stocks that have pr’s and earnings etc. This is my fav time of the year to be a smallcap trader the moves can get crazy.