Coming Week: Turkey to Disrupt Bulls

Like it or not, the bulls will have to take a break and eat some turkey in the holiday-shortened coming week.

Heading into Thanksgiving, the Dow is up 5.3% and the S&P 500 index is up 6.6% since mid-October. And those investors patiently -- or perhaps not so patiently -- waiting for the fourth-quarter tech rally to emerge must be pleased with the Nasdaq rising more than 9% over the past month.

Meanwhile, oil has dropped close to 10% in the past month. Interest rates, the market's other nemesis, also are on the way down. The yield on the benchmark 10-year Treasury has fallen to 4.5% after hitting a high of 4.68% on Nov. 4.

With all that momentum, one might think traders wouldn't mind skipping the bird and mashed potatoes Thursday in favor of another day at their desks swapping stocks. Then again, a few market players say that a break in the action may help stocks move even higher later on.

"You are at the high levels of the trading range, so taking a breather without suffering a pullback is a healthy way to kick off a December rally," says Jay Suskind, head of institutional equity trading at Ryan Beck. "On Monday and Tuesday, traders will look to avoid surprises with one eye on oil and one eye on interest rates, and then the exodus begins."

Next week also should be slow on the economic front, with only a handful of data points scheduled for release.

On Monday, leading economic indicators for October will be reported. According to Thomson First Call, economists expect the composite index to rise 0.8%, significantly up from September's loss of 0.7%.

The other noteworthy report will be the release of the minutes from the FOMC's Nov. 1 meeting. But even though it's a Fed communication, market watchers may not obsess over it too much.