Good morning everyone.
A wild Monday morning in store for the market as it reacts to the news that the FBI finished its review and the director informed congress that his July decision stands. The Dow futures are suggesting a big gap up at the open of more than 200 points, however, when you looks at the charts you will see nothing has changed and the downtrend continues to be in effect.
The morning gap will do us no good unless there is follow-through buying after the open. It is possible we could see the market simply chop around near that opening range because we still have the election to deal with tomorrow and the polls have it so close that anything could happen. It is also not out of the realm of possibilities there is selling into the morning gap move slowly and plan carefully if you do decide to trade.
As for me, I’m very content to continue sitting on the sideline and waiting to see how the market reacts after the election. I’m also happy to be sitting mostly in cash while I wait.
Trade Wisely,
Doug
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