The day after Thanksgiving is traditionally a strong day for the stock market. But this year was an exception because of the news from Dubai. Last Friday was the worst day ever for several of the major indices:
The S&P 500 was down -1.72%. The previous worst day after Thanksgiving was the -1.54% loss in 1987.
The Nasdaq was down -1.73%. The previous worst was -0.62% in 2002.
The Russell 2000 was down -2.53% beating the old worst day record of -0.95% in 2002.
Only the Dow Jones beat its worst day record. It was only down -1.48%, while the previous worst day was -1.87% in 1987.
I think there is a good chance of a short term recovery next week because we are entering a favorable end-of-month period and retail sales were decent over the Thanksgiving weekend.