We have two seasonal factors that are contradicting, assuming tomorrow is indeed an up day due to delta hedging, then Monday and Tuesday after an up expiry day have a great probability of being down. That leaves Wed and Friday. Friday after Thanksgiving is traditionally up, because "professionals" that usually "reign" in the market are out. Could it be, such professionals are now those providing fuel (via short covering) to the rally, and their absence Friday will let a down trend continue? As Jim says, we will know in the fullness of time, but there are only so many days the EPC can brush with .5 (after an excursion to .4) without starting a solid down trend. Mind you, in the last 10 trading days, only once has the EPC been above .6 (and not by much, on 11/12), thus my guess is that tomorrow, if we get a squeeze up, the bear suit is probably being rezipped for a little while, counter the traditional seasonal strength.
