As the votes continue to be counted, it has become apparent that the pollsters couldn’t have been more off predicting a Biden win by a fair margin. It ain’t over to the fat lady sings, or until one of the candidates receives the 270 electoral votes needed to secure the…
+5
Excellent and timely post – thanks.
Much prefer this kind of post where one can study and look at charts of interest properly v/s charts as part of a video post containing the same. Much better that these charts, one can magnify to look better at support / resistance levels and refer to parts of interest during the day instead of looking for one in a 20-30 minute video.
I agree. Charts are much easier for me too.
I agree with you. However, sometimes a small video makes it nice also.
THEY are trippin! Hearing Randy’s analysis is the best part, especially with whats going on in the world.
“The fed went completely nuclear in response to Covid!”
“THE banks are gaming the stock market!”
EPIC stuff.
Yep. If biden were to win somehow, market would get crushed imo Monster bull trap here if that surprise were to happen. Recent slide in markets hinted biden win was possible….market wants pro market policies, trumpster knows this
It is odd that fed is meeting this week too.
I agree. Markets have been screaming Biden victory (dropping) yet the spin by Cramer and all the other CNBC “experts” a Biden government run by Sanders and AOC would somehow by fantastic for America has been an embarrassment and quite frankly psychotic! If the Socialists manage to steal this election from the Capitalists by packing the ballot boxes with bogus junk mail ballots America becomes Hong Kong …. start learning Chinese!
I am wondering how good the technicals are currently to find the next trend for longer then few hours. Hourly swingtrades can be great, NQ yesterday almost hit 11786 target exactly and bounced back.
I believe we should only trade the major trendlines and ignore the onces in between. Very volatile market!
Technicals most certainly may get trumped (no pun intended) but the news so best to keep things light until after the dust has settled and take any breakouts/breakdowns that are triggered by changes in the polls with a grain of salt. I will say that the breakout on QQQ & /NQ is still well intact even as the latest Vegas odds are nearly 83% for a Biden win.
speaking too soon … Biden has pulled ahead this morning in AZ, NV, WI, MI with the late voting being mostly mail in absentee and the larger metro areas which should continue to favor Biden … all he needs to get over 270 are those four states combined with ME … and the other three PA, NC, GA are not even needed – though the gap is closing in those states too … anyway, I am wondering if this is more of a reflection of the Republicans now most likely holding the Senate and the monolith tech companies should be… Read more »
but I have had my eye on Exxon (old dividend coveting habits die hard) … looks to me like it has divergences in place and has had something of a breakout above a couple downtrend lines at different time frames … I just remember what you said the other day about how stocks in a downtrend may only give you a pop to only one price target …
Big oil looks poised for a tradable rally regardless of how the election goes, IMO, although still a trade “setup” pending a breakout of those falling wedges on XLE, XOP, & XES (with XOM being a top component of the latter two). I plan to look for the most bullish individual energy stocks soon but I’ve already looked at XOM & the chart is constructive as well (it basically mirrors XLE as it usually does being a top-heavy component).
thanks Randy! … one question about divergent lows and “almost divergent lows” and XOM is a good example … since the March lows in something like this were historical “momentum fueled overshoots” and since things by nature go down harder and faster than they go up … maybe it is not always necessary to look for the true DL? … I have been looking for a new lower low for XOM but maybe the october low turns out to be close enough considering the nature of the March low? …. also, one other thought I was having: XOM on the… Read more »
This post was in no way a “call” for a Trump win. Merely highlighting some potential trading opps, should that occur, especially based on the fact that the odds for a Trump win shot up substantially once the votes started to come in. Good point about the market reacting to the Republicans likely holding the Senate.
Impulsive drop on CCJ on earnings announcement. I think it may finally break the ~$9 support.
Chart
Issnt it really odd that the market is massive up, on literaly no volume?
I would expect above average volume during election days..well..its still early!
Also this election will be contested – you would expect the market will react poorly with that outcome. VIX is going down hard. Maybe this is just unwinding of that position which is causing upturn in market.
Agreed! The Socialist Pollsters had everyone selling a blue wave practicing the very voter suppression they blame the Republicans of …. since Republicans in the Senate will not allow the demise of the Trump tax cuts there will not be a massive stock sell off before the end of the year because the Biden proposed Capital Gains tax hikes. So institutions are reversing their positions back into equities.