Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday, November 21st and I'm your host, Kim Kahn. Our top story so far.

The S&P 500 staged the kind of comeback that only comes around every half a century.

The benchmark index is higher closed yesterday

pulled it out of correction territory, closing at its highest level since early August. A

correction is typically defined as a 10% drop from the recent high. The rebound took just

16 sessions, the shortest turnaround time since the 1970s, according to data from

Dow Jones. Deutsche Banks Jim Reed notes that the index is on course for its best monthly

performance since July 2022, but he warns that back then it was another month

where news flow was predominantly negative, European gas risks fed hiking 75 basis points,

but growing hopes about a dovish pivot helped support a brief resurgence for markets ahead of

bigger losses over the next couple of months.

So a potential world of warning if the Fed and others do stay hawkish.

In the near term though, Citi's Quant team says more gains could be ahead due to a short squeeze. The pace of the recovery

has been rapid and appears to have caught many shortholders off guard, leaving a large amount of

legacy short positions and loss, Citi's head of Quant, Chris Monagu said.

Average short losses for the NASDAQ are slightly larger at 5.6 percent,

whereas average S&P 500 short position losses are near 4.3%. Both are considerable and a further rally could lead to increased

forced covers and lend near-term support to markets. In today's trading, the SMP is giving

back a little of its gains. It's down about half a percent, with the NASDAQ down about 1 percent and the Dow faring better.

Rates are fairly steady. The 10-year Treasury yield is around 4.4%. Among morning economic data,

October existing home sales fell 4.1% on the month to a pace of 3.79 million.

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