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A power hour sell off left the indexes at key support levels heading into the short Thanksgiving week. More and more quarantine measures and a lack of clarity of vaccine availability are leaving some frayed nerves heading into the closing month of this very long year. The usual suspects of the stay-at-home names (tech, webinar and meeting software, etc) led the way while the destination stocks (airlines, resorts, hotels, etc.) struggled to find upward momentum.
A short week could mean a magnification of these recent trends or a punt until the following week by the big money to establish the next moves. Cautious traders may want to consider being quick to manage current positions and slow to move into new ones. But as this year has proved, anything in on the table.
Reminder that this week the markets will be closed Thursday and Friday’s session will end at 1:00pm EST.