*****************************************************************************

*                       FIEND'S SUPERBEAR MARKET REPORT                     *

*                                November 27, 2025                          *

*                                                                           *

*                       e-mail: fiendbear@fiendbear.com                     *

*                    web address: http://www.fiendbear.com                  *

*****************************************************************************

Fiend Commentary

================

Thanksgiving Tape: Four Big Gains, Bigger Questions

Into the holiday, the market just logged a four-day sprint: Friday’s near-500-point pop, Monday’s +200, Tuesday’s +663, and Wednesday’s +315 put the Dow up about 1,700 points across the last four sessions—one of the stronger Thanksgiving-week runs in years. U.S. markets are closed today and reopen for a shortened session Friday.

Metals quietly kept the pressure on. Gold is hovering in the $4160–$4200 zone after notching records earlier in the month, and silver rebounded into the low-$53s after a pullback—still not far from this month’s $54+ peak. Notably, silver has outpaced gold over the past year as industrial demand (solar) tightened the physical market.

So how does November likely end?

  • Base case: a quiet drift higher into Friday’s half-day if the bond market stays calm and there’s no ugly surprise from the first trickle of delayed data. Thin liquidity can exaggerate moves, but the path of least resistance favors the recent momentum.
  • Bullish extension: clean Treasury tone + solid breadth = best Thanksgiving week since the early-2010s for multiple indexes, with December cut odds staying elevated.
  • Risk to watch: a bond-market veto—if the long end backs up on supply/term premium during Friday’s light session, stocks could give back part of the run and metals may firm again on the “cost of relief” trade.

Bottom line: It’s been a classic holiday melt-up—equities feasting, hard money not fasting. If yields behave through Friday’s thin tape, November likely closes on a high. If the bond market pushes back, the month may finish with more caution than celebration.

 

Weekly Market Summary Page
[Return to the Fiend's SuperBear Page]