Do not get excited even though the market is gapping up .35%. I anticipate we are going to have more of the same until the election is past. And even then it is going to depend on the events the day after the election.
Odds are high for widespread problems post-election regardless of who wins. So that could give us some volatility until things settle down and the U.S. gets out of the toxic election mode we have been having.
Also, the polls are tightening a bit which should put a ceiling on the market near term. The market seems to favor a Clinton win right now so any tightening is gong to produce volatility in my humble opinion:)
I view the market has having a positive bias right now and is oversold a bit. I have started accumulating some mean reversion trades so a bounce sometime soon would be very welcome!
Today my plan is no different from the last few days. Take breakouts depending on the market and if there is any more weakness consider adding to my mean reversion trades.
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
RickJ’s Handicapping Picks