After a choppy news-driven choppy week of price action, last week with an ugly GDP, layoffs, and slower than expected job recovery, the bulls did a good job or defending price support. Most notable last Friday was the bounce in the financial and energy sector, giving the IWM the power required to break above its 50-day average. However, with the uncertainty of the presidential election and still no deal on a 5th stimulus package, it may be too early to sound the all-clear just yet. Expect price volatility to remain considerably choppy.
Asian markets closed mixed but mostly higher overnight, reacting to a bounce in oil prices. European markets are higher this morning across the board, and the US Futures point to a substantial gap up at the open as the market tracks the president’s health. With a light economic and earnings calendar, price action may be particularly sensitive to the news cycle, so remain focused and flexible.
Economic Calendar
Earnings Calendar
On the Monday earnings calendar, we have just one unconfirmed possible earnings report today PRED. It’s a penny stock company and not notable as market-moving.
Trade Wisely,
Doug
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