Contagion or Hangover

• The financials are stronger today signaling that today might be more about a post Thanksgiving hangover than about a credit contagion.
  
• There is a lot of put buying today. That is a step in the right direction as investors have become complacent recently.
• Market breadth is bad but not terrible.
• The dollar is getting stronger throughout the day. An unwinding of the anti dollar trade is likely the largest short term risk for the market.
• The powers that be will likely not let the market fall out of bed on the last day of the month.