Thin Holiday Trading Ahead This Week

Bottoming action continued yesterday as the market was able to pull off a hard intraday reversal toward the close.

Trading volume is sure to be very weak today as institutional traders take off early for the holiday. The market will be closed tomorrow and volume will be even more thin on Friday.

We suspect that the bottoming price action that we have seen over the past couple of days will continue until next Monday when the holiday week is behind us. It's best not to take any new positions this week and instead manage the positions you are now sitting on.

There is no sense in trying to force a trade in a semi-random trading environment.

Note: We will take Friday off this week in observance of the holiday. Have a great Thanksgiving weekend everyone!