≈ 4-day bullish rally ≈
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.
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
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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.
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