The commentary I wrote this morning was to address some larger strategic points related to market cycles. This notion collapsed faster than yesterday’s pecan pie when I looked at the market futures. Today saw more than a 2% decline for the S&P 500 (SPY) and a more than 3% pullback for the in a half days’ worth of trading. Today’s commentary will be abbreviated and focussed on the drop. Then, let’s address the big question: is this the end of last week’s market turmoil or just the beginning of a new leg lower? Read on below to find out more….You can enjoy the updated version of my weekly comments published November 26, 2021 in the POWR stocks under $10 newsletter.

In last week’s commentary, we discussed that the S&P 500’s 1% gain was masking weakness under the surface as the Russell 2000 was down by 2%. And, these trends got only more extreme as the S&P 500 is down by 2.4%, while the Russell 2000 is down by 5% since last Thursday.

The majority of selling was done today during an extremely brief trading session. There are reports that B1.1.529 is a coronavirus variant spreading at an even faster rate in South Africa than the previous versions. Some cases have been identified in Europe and parts of Asia, and there are doubts about the vaccine’s efficacy against it.

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