As I write this SPY and QQQ are both gapping up. The good news is QQQ is about .11% higher. It’s good to see QQQ lead but it has a long way to go on the weekly chart. If we happen to trigger that signal say dec 16th look out above!
No warning signs on the horizon this morning. All is quiet.
I am long a basket of stocks and looking to get longer. My short term swing has not been doing anything the last 4 trading days. But that will change.
One date to keep in mind is Dec 13th. That’s the date states are to certify their recounts. I suspect there will be issues late this week and Monday of next week. Let alone the challenges that will be taking place regarding the recounts. In addition now in Fla, there has been a recount lawsuit.
Add that to the scheme to get electors to change their vote and it has the potential for pure mayhem.
I have no idea how all this is going to turn out. I suspect if you had to bet Trump is a big favorite to be our next President. But that is not going to be it appears without drama.
So far the markets are discounting this completely. If however uncertainties start creeping into the market as a result of this the result is not going to be very pretty.
That is the most pressing issue that could derail the markets severely at the present.
I will keep a watch on this and comment on it every morning.
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