The bears absolutely mauled the seasonal tailwinds I mentioned yesterday. Remember, seasonal trends are just helpers and usually do not begin or accelerate a trend. Nonetheless, Monday was very ugly for the bulls and Tuesday looks to be equally nasty or worse. This is unusual behavior for Thanksgiving week, but not without precedent.
The bulls are now in “hope” mode as liquidity is beginning to dry up and they will need a herculean effort to accomplish some time kind Turnaround Tuesday. After the open, the day should be very volatile and very interesting. I certainly did not see this kind of damage being done this week. I envisioned mild strength or weakness with the possibility of the final leg down after the holiday.