Tackle Today: Stocks extend gains
November 5, 2020
≈ 4-day bullish rally ≈
Traders,
Many pundits are chiming in and speculating why the stock market is running in the face of a razor-thin election and political uncertainty. Stocks are currently up for the fourth day in a row, and two days after election day in a broad-based rally. Small caps lead the indexes today, with the Russell 2000 up +2.53 % in early trading as the DJIA, S&P 500 and Nasdaq also sport gains near or slightly above +2.0%.
Gold is also up big today, +2.8% and trading near $1950 per ounce in the futures market. Bitcoin is joining in on the bullish rally as well, trading above $15000 per coin and +6.00%.
Can the rally continue? Of course, it can. But, after a huge rally, the question about timing, reward to risk and catalysts will be on the minds of traders as they look to their watch lists and try to find and map out trades.
The best thing to do, if you are trading this market, is to trade with you rules, do the best you can to remove emotions from your decision making. If you are on the sidelines, stay focused and continue to run your daily routine so you are prepared for any opportunities that arise.
#TeamTackle
Chart of the Day
GLD – SPDR Gold Shares ETF Weekly Candlestick Chart
Gold is rallying today up +2.24% in early trading. On a weekly chart, it’s attempting to break out of its triangle pattern, which is aligning with the daily chart breaking out of short term resistance.
Video of the day
Portfolio Preparations for Events
If you missed last night’s webinar, catch the replay here where Coach Greg ‘Old Money’ Holmes discusses Portfolio Preparations for Events.
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Cashflow Club 8:30 PM EST
Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Financial freedom is a journey
The Tackle Today series is brought to you by Tackle Trading.
Sign up now and gain unfettered access to all of the quality content and powerful Scouting Reports that our Pro Members enjoy for 15-days absolutely free with no strings attached and let us show you what your trading has been missing.
# Sign up now for a 15-DAY FREE TRIAL #
Legal Disclaimer
Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.
All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.
