Before the Open (Oct 21)

Posted on by Jason Leavitt

Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed with a slight bullish bias. Europe is currently up across the board – there are a couple 1% winners. Futures here in the States point towards a moderate gap up open for the cash market.
Futures were flat as of about 3:00 in the morning and then moved steadily up, so the gains aren’t due to any news out yesterday after the bell or this morning.
As of now I don’t think the situation has changed relative to a week ago. The trend is up, and I’m only interested in the long side, but risk is elevated. Stocks are gapping big after releasing earnings, and there may be some anxiety heading into the election. Even though the market was up yesterday and is indicated up today, I think it’s best to be much less aggressive. Position sizes should be kept smaller and profits taken quicker. The easy money has been made, so things are a little more difficult in the near term. More after the open.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers

0 thoughts on “Before the Open (Oct 21)”

  1. Hi gang! Very interesting chart just posted on Stockcharts.com:
    Go to blogs and click there. The first chart should be as follows:
    “Nas% Above 50 day SMA reaches overbought levels $NA50R”
    2. That doesn’t necessarily mean that we are going to fall out of
    bed anytime soon, it just means that we are due for a pullback. HW

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