This Could Make 2008 Look Like a Picnic

Action to Take: Half-day sessions often obscure true market signals, especially with slim holiday volume. Today's retail-focused trading could hint at consumer strength heading into December, with early signs showing a clear divide between retailers connecting with customers and those struggling with inventory and pricing. Rather than chase momentum in today's shortened session, focus on relative strength in retail names for early signs of holiday spending trends. Before diving into today's analysis of private market liquidity in our Capital Wars series, catch up on how money moves through financial markets from Wednesday’s breakdown of Chapter 5 right here.

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Momentum: Wednesday's tech selloff pressures major indexes as Nvidia and semiconductors retreat, but under the surface, money continues rotating rather than exiting. Financial stocks extend their post-election rally on looser regulation hopes, while defensive sectors like utilities attract fresh institu…