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Time for the "lunch box rally\?"

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Stocks have recovered some of their earlier losses and it might just be that many traders have headed for the doors to begin the Thanksgiving holiday. The action hasn't been anything spectacular, but it's about the most interesting thing that has taken place in the market today. Personally, I've been thinking about turkey, dressing, gravy, cranberry sauce, pecan pie and counting the blessings I have to be thankful for. It's been a very tough year for many Americans. It hasn't been just the stock market. Many loved ones will not be at this year's feast and that is sad. We all have a lot to be thankful for.

NASDAQ Composite Index -

Since 12:00 EST, the NASDAQ Composite has managed to gain just about 13 points. Most of the institutional orders are out of the way, with just a few yet to be cleared up. For the most part, the "senior" trader is done and out the door. Don't worry, most will be back early Monday morning.

Sector winners today are the semiconductors as the SOX.X trades higher by 1.3% and tried to make back some of yesterday's losses. Also strong are drugs and healthcare as the DRG.X and HCX.X advance 1% each.

Nothing real notable in the downside category, other than what looks to be profit taking. The Disk Drive Index (DDX.X) trades lower by 2.4% after an exhaustive run from the $60 to $98 level in recent weeks.

The bond market is closed on Friday, but stocks will trade a shortened session. Markets will open at their normal 09:30 EST open, but close at 01:00 pm EST.

We will be here on Friday. Have a safe and happy Thanksgiving!

Jeff Bailey
Senior Market Technician
Option Investor

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