If anything characterizes movement in markets today, it could very well be the phrase “trimming the sails.” There are a number of reason investors and traders are cutting positions, or consolidating positions whether on upside or downside bets.

Jockeying for next week’s Thanksgiving holiday in the U.S. has already begun. Come Wednesday, Thursday and Friday, Europe and Asia will be left fairly much to their own devices.

Many of the major trends in markets that we have been watching closely turned around today, although we feel that the shift is more in the way of consolidation than a strong change of sentiment.