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🏰 Rally Built on Sand and Dovish Hope
This is a recap of the market action and community discussion on Wednesday, November 26, 2025.
♦️ PSW Daily Market Recap: The Beige Book Blackout Rally
Narrative Theme: Liquidity and Hope vs. Reality and the Beige Book
1. The Morning Call: Rally Built on Sand, Flows, and Fear
The day kicked off with Phil's main post, Will We Hold It Wednesday – Nasdaq 25,000, S&P 6,800, Russell 2,500 Edition, which immediately challenged the market's euphoric rebound. The core thesis was simple but profound: the 8% Nasdaq pullback wasn't over. The rally was "very forced as the Fed suddenly rediscovered its…
The skinny
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