It is hard to envision how any one data point will matter in this holiday shortened week. Nonetheless, looking beyond next week, I will repeat what I stated last week: "If the market hasn't topped out already, it should do so within a couple of percent of the recent highs. Rallies should be sold and stops tightened up. The market is prone to sudden sell offs. There will be better risk adjusted opportunities to buy in the future."
If you bought the hype and bought the market two weeks ago, you remain hopeful that the highs aren't in. If you sold down some of your positions, you are wondering if you did the right thing. If you shorted the market over the last week, it is now gut check time as the short term downside momentum has given way to several days of upside action. You don't want to be road kill. No matter where you stand, it seems that very little will be decided next week. The over bullish markets will still be with us as we start December.
Have a Happy Thanksgiving!
The blizzard of insider sales continued last week as Russell 2000, Technology and Materials insiders, amongst others, kept sentiment deep in Bearish territory. That said, it appears that sales may have, at least, temporarily peaked. Selling reached its most fevered pitch on or about November 5, the day the market hit a two-year high, and the magnitude - if not necessarily volume - of sale transactions has lessened since then."