Closing Bell Closing Bell: 11/26/25
Nov 26, 2025
Katie Stockton, founder of Fairlead Strategies and expert technical strategist, dives into key S&P and Russell levels while sharing her sector preferences. Brian Kirschman, a portfolio manager at CQG Partners, offers a thought-provoking perspective on the sustainability of AI-driven spending, questioning the durability of investments in this area. Together, they explore market recovery trends, technical analysis, and the implications of shifting investor sentiment, particularly related to retail and tech sectors.
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Policy Ambiguity Drove Recent Pullback
- The market is reacting to ambiguous monetary policy and policy volatility, which suppressed sentiment and triggered a multi-week pullback.
- Tom Lee expects a dovish shift, sentiment chase, and a likely 5%+ year-end rally driven by earnings resilience.
Dry Powder Could Fuel Year‑End Rally
- Fund managers remain underweight equities, leaving significant dry powder on the sidelines to chase rallies.
- That positioning backdrop plus rising earnings estimates supports the case for a year-end rally.
Crypto's Flash Crash Measured Risk Appetite
- The October crypto meltdown removed a lot of leverage and acted as a precise measure of risk appetite.
- Brian and Tom both note crypto is lagging now while AI is likely to lead the next leg higher.