I'm heading out a little early to start the Thanksgiving festivities. Don't forget that we have a half-day session on Friday with the market closing at 1 p.m. ET.
We ended with a little holiday trading today, but it was fairly mild. Many of the stocks that were hit hardest during the last few days found support and bounced a little, but this was not an energetic snapback. Breadth is only around 4,300 gainers to 3,780 losers, and there were about three times as many stocks at low than at highs.
The ARK Innovation fund (ARKK) has been my best example of the recent market action, and it shows now, there was a reversal and a small gain, but it hardly begins to recoup the damage that started last week.
Cryptocurrency has been weak all day, and that is causing some slow down in speculative action, but traders are doing a little better dip-buying Wednesday, although more work is needed before support can form.
Friday will be a very thin session, but it does have a history of being positive. You can be sure that the bears will be looking ahead to next Monday, which tends to be negative, but what happened after on Monday and Tuesday this week, the historical comparison is hard to make.
The big issue as we move ahead will be whether the sectors and stocks that have been hit the hardest can outperform -- if and when indexes and big caps correct more deeply. At a minimum, it will make for some messy action.
The Fed minutes produce some momentary selling on concerns about some hawkish comments, but Jerome Powell has already covered this, and it's nothing new. The macro issue still isn't really impacting the market to a great degree.
Have a great Thanksgiving, and I'll see you on Friday morning.