Markets are looking mixed 20 min before the open. SPY up .17% QQQ up .09%. Not much else is showing clues either way this morning. Yesterday all the clues suggested a strong move to the upside and we got almost the exact opposite!!!
These clues are exactly what the title suggests…just clues:)
I am long looking to get longer. My take is we are now in a consolidation that is likely to break out to the upside taking us to new highs by year end.
Nothing has changed on the geopolitical or home front. So far the transition looks to go as planned. It’s unlikely the recounts will throw a wrench into transition except to cause more consternation among the public.
One theme I have talked about is the boycotting of business by the left and right and the effect it will have on the markets. The latest company to be affected is Kellogs. The social warrior CEO decided to pull all advertising on Breitbart.com to get on the “fake news” bandwagon the left is now pushing. The effect of this is that now there is a big boycott Kellogg’s movement which is and will take its toll on the company.
Since when is it the CEO’s job to get involved in the political merry go round to the detriment of its shareholders? I do not understand it except of course that more than likely the CEO is a human. That, of course, explains a lot:)
We are starting to see more and more of this. The NFL is now in talks to eliminate Thursday night football because of the drop in interest in the sport that started when some of the players felt it necessary to not stand for the National Anthem. In addition, you have ESPN taking an enormous hit in viewership as a result of many of its commentators getting involved in political discussion.
I could go on and one but this development could devastate companies that are involved. It’s not very intelligent to give the finger to 1/2 the population who represent greater than 1/2 of your customers.
I suggested shorting stocks that come into this dead end for them. Kellogs would have been a great short. Where it stops falling now is anyone’s guess.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
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