11/24 Recap

Getting this out a little early because I want you to have this before the close which is in 45 minutes if you want to make intraday moves. Interesting Black Friday shortened session. All of the big 7 are red except the 2 consumer discretionary components, Tesla and Amazon. Tesla has it’s Cybertruck reveal event next week which bulls have been waiting nearly 5 years for and Amazon has a plethora of data points coming out regarding sales today and on Cyber Monday. I also saw one of the most interesting trades I’ve seen this year in megacap tech and I will highlight it below, but we could be looking at a big rotation from the current leadership.

The SPY is going for a 4th straight strong weekly candle and the 2nd highest close of the year. The MACD is rolling to positive and this is looking like a strong setup to close out the year. Surely people won’t be looking to sell the winners to lock in more taxes until at least January.

We are wrapping up one of the best November’s of the past century and shockingly, the amount of cash on the sidelines as we head towards highs is still very high. When will the people who moved to cash get FOMO and pile back in? I don’t know, but they have to be thinking very hard about it as those 5% risk free yields don’t look as appealing when the markets are performing like this.

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