Holiday Moves

Bond traders have all the luck. Not only are they closer to the information flow, they are higher up the asset line than equity in case of default, and they get more holidays off.

No biggie. I missed Friday's close to pick up a friend from the airport and then meet several other friends at the hospital to visit one of my college roommates who was near death. He had an amazing recovery. But I didn't witness the market carnage firsthand.

Still it was a long weekend without the holiday. So I don't mind working today. In fact I'm kind of thankful. And it's Thanksgiving Day in Canada. How cool. Happy Thanksgiving!

Friday's close was ugly and I'm not surprised by anything at this point. Not the futures tanking last night. Not the futures ramping higher this morning. We're just not anywhere yet.

Things got weird fast after Friday's open. Here was my take on Stocktwits & Twitter:

The 1890-1893 area wasn't trivial, either. In my opinion, the market would have to get above 1935.56 to negate the potential for it at this point.

At best, the market could be forming a bullish falling wedge. There are positive tick and A/D divergences even after Friday's awful close. Today could be very light volume. Best to enjoy the day and relax. Low volume moves are often uncertain moves.