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What's Your Bad Beat?

This market is one where the long side, from a quantitative perspective, should line up in your favor. We've got seasonality, positive expectancies going into Thanksgiving, and an oversold market based of various breadth readings.

But what's telling here is that the market is showing no respect to these readings. The demand for liquidity will trump technicals and fundamentals, every time.

Unfortunately, the Europeans don't celebrate Thanksgiving so there will be shenanigans that will pull many away from the football games and onto the European sessions.

Could "Black Friday" take a whole new meaning this Friday? The odds are against it... but we've seen this market deal out bad beats many times before.

Here's my read on the level to watch in the $SPY.

by Steven Place

Steven Place is the founder and head trader at