Today was pretty much a non-event as market action goes, and was more or less a replay of Friday's action: an early break lower followed by a tedious rally. For some reason, semiconductors heated up a bit, with a couple of my favorite stocks to short, SanDisk and Lam Research, popping 3-4%. I'm guessing the moves were induced by the high-beta nature of these stocks in conjunction with a low-volume environment. I saw no together reason to explain the strength.
I already have my sights set on next week. Given all the concern over the strength of the American consumer, the numbers we hear out of retailers as the holiday shopping season kicks off this weekend will undoubtedly influence the market's demeanor, and next week's action will undoubtedly set the tone for the rest of the year.
Unless the boards light up, this will be my last post of the week (except for a new batch of charts I hope to finish by tomorrow). Happy Thanksgiving to everyone.
Disclosure: Long SNDK, LRCX Puts