Everyone… Everywhere Now a Tariff Expert

What will tariffs do to the economy? It's not good.

Action to Take: Holiday-thinned trading volumes meet a heavy economic calendar today, creating the potential for exaggerated market moves. The Fed’s preferred inflation metric, PCE, drops at 10 a.m. ET, as many traders begin heading out for the holiday, setting the stage for potential algorithmic overreactions.

Historically, the Wednesday before Thanksgiving sees 20% lower volume but has produced some of the biggest daily swings. Any sharp moves on below-average volume should be taken with a grain of salt and noted as key support and resistance once conditions normalize.

Catch up on our ongoing Capital Wars series to better understand how liquidity drives market action. In yesterday's review of Chapters 3 and 4, we explored how money flows through the system and why days like today showcase the growing disconnect between price action and fundamental value.

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Momentum: Momentum continues its post-election surge as flows shift from mega-cap tech into smaller, mo…