People Want to Believe…

That the Thanksgiving Week action signals a breakout. They could well be correct, but they may want to be a little cautious. There definitely are bullish Animal Spirits indications and a strong indication of a Dovish next FED Chair. Those are the two main bullish backdrops.

On the other hand, Gold is saying there are problems out there, and investors are getting rather bulled up on buying stuff that has not done well and will not do well if the economic picture does not brighten, stuff like restaurants, non-online retailers, and small cap stocks.

At the moment the stuff that technically looks good is scary stuff, things like the Nasdaq 100 and Gold, so it should be an interesting week and final month of the year.