Waiting For Turkey Day

Volume should start drying up this afternoon and by tomorrow should be at a crawl. This likely makes trying to read the tape an exercise in futility, but I will give it a shot.

• Market breadth is 9:5 negative and is arguing against a turnaround for the bulls today.
  
• The option ratios are inconclusive as the CBOE is showing put activity while the ISE is showing the opposite.
• Defensive sectors are outperforming, while tech and financials are underperforming.
• The dollar is slightly higher.
  

All in all I would say the tape slightly favors the bears today, but with thinning volume anything could happen.