Historically the Monday following Thanksgiving is a weak day as market players lock in some gains after a positive holiday week. That is the case today for many of the stocks that had huge gains last week, but the broader market is holding up quite well.
The cryptocurrency/blockchain names are generally weak, although there are a couple exceptions such as U.S. Global Investors Inc. (GROW) and Net 1 UEPS Technologies Inc. (UEPS) . Stocks such as Riot Blockchain Inc. (RIOT) that are seeing sharp pullbacks today generally don't just collapse. There will be traders who are anxious to catch a second surge or maybe just flip, and they can catch some overly aggressive shorts by surprise.
I'm looking for some new entries in less-speculative names, but many stocks need a rest at this point. It is important not to be sucked into the market-timing game right now. The market may need to consolidate and the bears will be quick to declare that any weakness is an indication of impending doom.
The calendar and the charts favor the upside into the end of the year. If you keep that in mind rather than worry about market timing, you can focus on stock picking.
We had a great week of Thanksgiving trading and some resets would be very healthy. Support looks quite solid and new entry points should develop quickly.