Stocks Seem To Love Trump

**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.**

“And to all the little girls who are watching this, never doubt that you are valuable and powerful and deserving of every chance and opportunity in the world to pursue and achieve your own dreams.”  Hillary Clinton

Well, well.  Where to begin!

The above quote from the Clinton concession speech today is a good place to start, truer words were never spoken, unless she included little boys into that sentiment as well.

Well said Hillary, well said.

Markets absolutely tanked to limit lock down levels as Trump was emerging as the likely victor, then I nodded off, missing the chance to get into the futures market as they were showing strength.

Too bad, since it would have made this year extraordinary.

Now, it does appear that markets will continue higher but this wild action has me still in cash waiting for more reliable setups, who should begin to form over the next few days and perhaps even a few tomorrow.

I will be starting up my real-time service November 15th so no more trades on my public twitter account @iTraderz, but more details on that tomorrow.

november-10-2016Wild action from SPY that is not captured here since the overnight move lower was in the futures.

It was kind of the plan to miss the election move since it was going to be a coin flip but I should have bought some futures in the wee hours.

Let’s see if we can hold above 216 and setup to finally break the 218 area into new all-time highs.

This is positive, albeit wild, action.

Have a great night.

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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!

Warren

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