In a show a strength buyers came out in full force and pushed stocks to more all-time highs. Earnings are the excuse, but this uptrend has been in place for quite some time. Volume was up across the board indicating buyers were more than happier to pay up for stocks. FB led the NDX with a nice move and while volume could have been higher its price action was solid. Plenty of stocks look ready to run and the market is reflecting this sentiment. We will continue with this trend until we see meaningful signals to indicate our uptrend has exhausted its upside. There is no telling when this will occur. Stay focused and disciplined with your trading.

Commentary is a little late this morning, but futures are pointed higher once again. Thanksgiving week is typically a positive one and so far this week is following the trend. Friday’s shortened holiday session is a little strange, but as long as we are focused on our price action there is no reason to worry. Stick to your exits and proper position sizing. Controlling risk in any environment will serve you well. It may not be exciting, but it is necessary for survival.

We do know many are looking to call this a market top. Pundits may very well be right. The yield curve is flattening with 5, 7, and 10 year Treasury yields continue to compress. An inverted yield curve would be an indication the economy has finally, after 8+ years run out of steam. HYG and JNK are also good indicators. The best indicators are certainly our leading stocks and how they act. Distribution piled up and failed leadership is a great tell any uptrend is likely over. Keep an open mind and do not anticipate market turns. Most rush and end up getting squashed. Until there are meaningful signals there is no need to be a hero.

We hope everyone has a great Thanksgiving Day tomorrow. For those outside the US enjoy a mid-week break from the US markets. We are certainly thankful to all those who read and subscribe.