Wait & See

**These are my thoughts on the SPY ETF in my Daily Trade Ideas which includes many, many more charts and setups. Subscribe to my nightly Daily Trade Ideas on the right to see the rest of this letter.**

“Why do you go away? So that you can come back. So that you can see the place you came from with new eyes and extra colors. And the people there see you differently, too. Coming back to where you started is not the same as never leaving.”  Terry Pratchett, A Hat Full of Sky

Still nothing but weakness and chop for stocks as we await the outcome of this election.

We are very, very oversold but that doesn’t mean we can’t go lower, especially with such a big event coming in the next few days.

My mining positions tanked Wednesday so I am back to all cash and I can’t see anything compelling to do until the election results are digested.

I’d love to see a strong spike lower where we can pickup some of my favorite stocks on the cheap but time will tell on that front.

november-5-2016SPY had a weak close Friday and while being very oversold, it still looks set for a bit more weakness to test the 200 day average just under 207.

I’d love to pile into this very oversold market but I’m not yet seeing a signal to.

I hope you’re enjoying this weekend and are ready for some serious volatility come mid-week!


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