<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>在周四的惨烈反转后，牛市在过去两天毫不留情地反击。这并不令人惊讶，因为在这个季节，回调达到 5% 的水平是罕见的，除了 2000 年、2007 年和 2018 年。我们也不能忘记，许多投资者仍在追逐风险资产，因为他们在四月的关税恐慌低点时惊慌失措地抛售。过去几个月，追逐优异表现的趋势一直在持续。</p>
<p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/93-1024x588.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/93-1024x588.png"/></p>
<p>上周，我提到如果收盘高于周四的高点，将确认回调结束，向旧高点的移动非常可能。我还说这将是迟来的，而不是底部的钟声。在这方面没有任何变化。在我被问到低点是否已经到来之前，我的回答是我没有很高的信心。各个因素正在逐渐到位，但在一个完美的世界里（我们很少能得到），我希望看到再一次低于近期低点的回调，以作为在 2026 年之前上涨到新高的最后一次洗盘。</p>
<p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/94-1024x588.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/94-1024x588.png"/></p>
<p>纳斯达克 100 指数在上方，包含所有热门和受欢迎的人工智能股票。它看起来与标准普尔 500 指数非常相似。与 5% 的回调相比，该指数下跌了近 8%。我的分析是一样的。</p>
<p>接下来，我想分享罗素 2000 指数，这是小型公司的聚集地。随意观察者会注意到，从十月的高峰回调幅度更大。此外，上周四的大幅反转下跌明显低于十月的峰值低点，且弱于标准普尔 500 和纳斯达克 100。自四月以来，我一直在讨论小型股与大型股的表现，为了让这一交易继续，我们需要看到小型公司在 2026 年之前引领市场，这正是季节性模式所暗示的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/92-1024x588.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/92-1024x588.png"/></p>
<p>最后，这一周在季节性上非常强劲。市场是否已经借用了某些上涨空间？当然，但我不会过于激动。两天的大幅反弹很容易导致一个疲软的早晨或轻微的回调日。对于超短期和灵活的投资者，我会在弱势时买入，并保持非常紧密的控制。</p>
<p>如果我明天不发布（除非市场有重大变动，我不会发布），我祝你感恩节快乐，愿你与亲人和许多足球赛相伴。</p>
<p>在周五，我们购买了 PCY、OIH、更多的 VKTX 和更多的 RSPU。在周一，我们购买了 XLE、EMB 和 JNK。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>英伟达飙升与暴跌，债券表现优于比特币，形成新局面</p>
<p>不受欢迎的局面在英伟达的波动性上升中显现</p>
<p>宇宙之主关闭公司 – 令人担忧</p>

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油气服务 ETF - Market Vectors

<p>牛市在近期市场回调后重新反击，但整体形势仍然没有改变。尽管下跌了 5%，投资者仍在追逐风险资产。纳斯达克 100 指数和罗素 2000 指数显示出类似的模式，小型公司需要在 2026 年前引领市场。市场在季节上表现强劲，但建议保持谨慎。最近的股票购买包括 PCY、OIH、VKTX、RSPU、XLE、EMB 和 JNK</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>The bulls certainly fought back with vengeance the last two days after Thursday’s ugly reversal rout. That’s not surprising given the pullback got to the 5% mark during a time of year when larger declines are rare, save 2000, 2007 and 2018. And let’s not forget that so many investors are still chasing risk assets from having panicked and sold right at the tariff tantrum lows in April. The great performance chase has been on throughout the past few months.</p>
<div class="lb-trans"><p>在周四的惨烈反转后，牛市在过去两天毫不留情地反击。这并不令人惊讶，因为在这个季节，回调达到 5% 的水平是罕见的，除了 2000 年、2007 年和 2018 年。我们也不能忘记，许多投资者仍在追逐风险资产，因为他们在四月的关税恐慌低点时惊慌失措地抛售。过去几个月，追逐优异表现的趋势一直在持续。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/93-1024x588.png" alt="" original-src="https://investfortomorrow.com/wp-content/uploads/2025/11/93-1024x588.png"/></p>
<p>Last week, I mentioned that a close above Thursday’s high would confirm that the pullback was over and a move to the old highs was very likely. I also said it would be late and not the bell ringer at the bottom. Nothing has changed in that regard. Before I am asked if the low is in, my answer is that I do not have high conviction. Pieces are falling into place, but in a perfect world, which we seldomly get, I would like to see one more decline below the recent lows to act as a final flush before a rally to new highs into 2026.</p>
<div class="lb-trans"><p>上周，我提到如果收盘高于周四的高点，将确认回调结束，向旧高点的移动非常可能。我还说这将是迟来的，而不是底部的钟声。在这方面没有任何变化。在我被问到低点是否已经到来之前，我的回答是我没有很高的信心。各个因素正在逐渐到位，但在一个完美的世界里（我们很少能得到），我希望看到再一次低于近期低点的回调，以作为在 2026 年之前上涨到新高的最后一次洗盘。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/94-1024x588.png" alt="" original-src="https://investfortomorrow.com/wp-content/uploads/2025/11/94-1024x588.png"/></p>
<p>The Nasdaq 100 is above, which houses all of the sexy and popular AI stocks. And it looks very similar to the S&amp;P 500. Instead of a 5% pullback, this index was down almost 8%. My analysis is the same.</p>
<div class="lb-trans"><p>纳斯达克 100 指数在上方，包含所有热门和受欢迎的人工智能股票。它看起来与标准普尔 500 指数非常相似。与 5% 的回调相比，该指数下跌了近 8%。我的分析是一样的。</p>
</div><p>Next, I want to share the Russell 2000, which is where small-cap companies live. Casual observers will notice a larger pullback from the October peak. Also, last Thursday’s big reversal decline was noticeably lower than the October spike low and weaker than the S&amp;P 500 and Nasdaq 100. Since April, I have written about the small caps versus large caps, and for this trade to continue, we will need to see the small companies lead into 2026, which is what seasonal patterns suggest.</p>
<div class="lb-trans"><p>接下来，我想分享罗素 2000 指数，这是小型公司的聚集地。随意观察者会注意到，从十月的高峰回调幅度更大。此外，上周四的大幅反转下跌明显低于十月的峰值低点，且弱于标准普尔 500 和纳斯达克 100。自四月以来，我一直在讨论小型股与大型股的表现，为了让这一交易继续，我们需要看到小型公司在 2026 年之前引领市场，这正是季节性模式所暗示的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://investfortomorrow.com/wp-content/uploads/2025/11/92-1024x588.png" alt="" original-src="https://investfortomorrow.com/wp-content/uploads/2025/11/92-1024x588.png"/></p>
<p>Finally, this week is very seasonally strong. Could the market have borrowed some upside already? Sure, but I wouldn’t get carried away. Two big rally days could easily lead to a weak morning or mild pullback day. For the super short-term and nimble, I would buy weakness with a very tight leash.</p>
<div class="lb-trans"><p>最后，这一周在季节性上非常强劲。市场是否已经借用了某些上涨空间？当然，但我不会过于激动。两天的大幅反弹很容易导致一个疲软的早晨或轻微的回调日。对于超短期和灵活的投资者，我会在弱势时买入，并保持非常紧密的控制。</p>
</div><p>If I don’t publish tomorrow, which I won’t unless there is a big market move, I wish you a happy and meaningful Thanksgiving surrounded by loved ones and lots of football.</p>
<div class="lb-trans"><p>如果我明天不发布（除非市场有重大变动，我不会发布），我祝你感恩节快乐，愿你与亲人和许多足球赛相伴。</p>
</div><p>On Friday, we bought PCY, OIH, more VKTX, and more RSPU. On Monday, we bought XLE, EMB and JNK.</p>
<div class="lb-trans"><p>在周五，我们购买了 PCY、OIH、更多的 VKTX 和更多的 RSPU。在周一，我们购买了 XLE、EMB 和 JNK。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Nvidia Soars &amp; Plunges As Bonds Outperform Bitcoin With A New Set Up</p>
<div class="lb-trans"><p>英伟达飙升与暴跌，债券表现优于比特币，形成新局面</p>
</div><p>Hated Set Up Playing Out As Volatility Rises Into Nvidia</p>
<div class="lb-trans"><p>不受欢迎的局面在英伟达的波动性上升中显现</p>
</div><p>Master Of The Universe Closes Firm – Concerning</p>
<div class="lb-trans"><p>宇宙之主关闭公司 – 令人担忧</p>
</div>

多头反击，但整体局势未发生变化