<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>圖片來源：Unsplash</em></p>
<p>在週四的慘烈反轉後，牛市在過去兩天毫不留情地反擊。這並不令人驚訝，因為在這個季節，回調達到 5% 的水平是罕見的，除了 2000 年、2007 年和 2018 年。我們也不能忘記，許多投資者仍在追逐風險資產，因為他們在四月的關税恐慌低點時驚慌失措地拋售。過去幾個月，追逐優異表現的趨勢一直在持續。</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>上週，我提到如果收盤高於週四的高點，將確認回調結束，向舊高點的移動非常可能。我還説這將是遲來的，而不是底部的鐘聲。在這方面沒有任何變化。在我被問到低點是否已經到來之前，我的回答是我沒有很高的信心。各個因素正在逐漸到位，但在一個完美的世界裏（我們很少能得到），我希望看到再一次低於近期低點的回調，以作為在 2026 年之前上漲到新高的最後一次洗盤。</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>納斯達克 100 指數在上方，包含所有熱門和受歡迎的人工智能股票。它看起來與標準普爾 500 指數非常相似。與 5% 的回調相比，該指數下跌了近 8%。我的分析是一樣的。</p>
<p>接下來，我想分享羅素 2000 指數，這是小型公司的聚集地。隨意觀察者會注意到，從十月的高峰回調幅度更大。此外，上週四的大幅反轉下跌明顯低於十月的峯值低點，且弱於標準普爾 500 和納斯達克 100。自四月以來，我一直在討論小型股與大型股的表現，為了讓這一交易繼續，我們需要看到小型公司在 2026 年之前引領市場，這正是季節性模式所暗示的。</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>最後，這一週在季節性上非常強勁。市場是否已經借用了某些上漲空間？當然，但我不會過於激動。兩天的大幅反彈很容易導致一個疲軟的早晨或輕微的回調日。對於超短期和靈活的投資者，我會在弱勢時買入，並保持非常緊密的控制。</p>
<p>如果我明天不發佈（除非市場有重大變動，我不會發布），我祝你感恩節快樂，願你與親人和許多足球賽相伴。</p>
<p>在週五，我們購買了 PCY、OIH、更多的 VKTX 和更多的 RSPU。在週一，我們購買了 XLE、EMB 和 JNK。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>英偉達飆升與暴跌，債券表現優於比特幣，形成新局面</p>
<p>不受歡迎的局面在英偉達的波動性上升中顯現</p>
<p>宇宙之主關閉公司 – 令人擔憂</p>

能源業 ETF - SPDR

Viking治療

新興市場美元國債 ETF - iShares

新興市場美元國債 ETF - PowerShares

油氣服務 ETF - Market Vectors

<p>牛市在近期市場回調後重新反擊，但整體形勢仍然沒有改變。儘管下跌了 5%，投資者仍在追逐風險資產。納斯達克 100 指數和羅素 2000 指數顯示出類似的模式，小型公司需要在 2026 年前引領市場。市場在季節上表現強勁，但建議保持謹慎。最近的股票購買包括 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>圖片來源：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>在週四的慘烈反轉後，牛市在過去兩天毫不留情地反擊。這並不令人驚訝，因為在這個季節，回調達到 5% 的水平是罕見的，除了 2000 年、2007 年和 2018 年。我們也不能忘記，許多投資者仍在追逐風險資產，因為他們在四月的關税恐慌低點時驚慌失措地拋售。過去幾個月，追逐優異表現的趨勢一直在持續。</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>上週，我提到如果收盤高於週四的高點，將確認回調結束，向舊高點的移動非常可能。我還説這將是遲來的，而不是底部的鐘聲。在這方面沒有任何變化。在我被問到低點是否已經到來之前，我的回答是我沒有很高的信心。各個因素正在逐漸到位，但在一個完美的世界裏（我們很少能得到），我希望看到再一次低於近期低點的回調，以作為在 2026 年之前上漲到新高的最後一次洗盤。</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>納斯達克 100 指數在上方，包含所有熱門和受歡迎的人工智能股票。它看起來與標準普爾 500 指數非常相似。與 5% 的回調相比，該指數下跌了近 8%。我的分析是一樣的。</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>接下來，我想分享羅素 2000 指數，這是小型公司的聚集地。隨意觀察者會注意到，從十月的高峰回調幅度更大。此外，上週四的大幅反轉下跌明顯低於十月的峯值低點，且弱於標準普爾 500 和納斯達克 100。自四月以來，我一直在討論小型股與大型股的表現，為了讓這一交易繼續，我們需要看到小型公司在 2026 年之前引領市場，這正是季節性模式所暗示的。</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>最後，這一週在季節性上非常強勁。市場是否已經借用了某些上漲空間？當然，但我不會過於激動。兩天的大幅反彈很容易導致一個疲軟的早晨或輕微的回調日。對於超短期和靈活的投資者，我會在弱勢時買入，並保持非常緊密的控制。</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>如果我明天不發佈（除非市場有重大變動，我不會發布），我祝你感恩節快樂，願你與親人和許多足球賽相伴。</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>在週五，我們購買了 PCY、OIH、更多的 VKTX 和更多的 RSPU。在週一，我們購買了 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>更多來自此作者的文章：</em></p>
</div><p>Nvidia Soars &amp; Plunges As Bonds Outperform Bitcoin With A New Set Up</p>
<div class="lb-trans"><p>英偉達飆升與暴跌，債券表現優於比特幣，形成新局面</p>
</div><p>Hated Set Up Playing Out As Volatility Rises Into Nvidia</p>
<div class="lb-trans"><p>不受歡迎的局面在英偉達的波動性上升中顯現</p>
</div><p>Master Of The Universe Closes Firm – Concerning</p>
<div class="lb-trans"><p>宇宙之主關閉公司 – 令人擔憂</p>
</div>

多頭反擊，但整體局勢未發生變化