The market has finished on the upside every Thanksgiving holiday week since 2012. Because of this, I was eagerly awaiting a little melt-up move into the Thursday holiday as an opportunity to move in on the short side. As I wrote over the weekend, “A so-called melt-up may also be possible, but in my view, this would most likely set up a more optimal short-sale entry position in the indexes and most broken, formerly-leading stocks.”
In my weekend Gilmo Video Report (GVR), I pointed out that the likelihood was that we would see the indexes eventually break for the prior late-October lows, but that they could noodle around a bit during the holiday week. Wrong! But, fortunately, it was the type of wrong I can handle, since the signals to move to the short side came early in the day on Monday, as I blogged at that time.
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