Before the Open (Nov 2)

Good morning. Happy Tuesday. Happy election day. In some countries election day is a holiday…not in America. I don’t know why we don’t at least move election day to a Saturday…we’d probably get a better turnout.
The Asian/Pacific markets closed mixed. Europe is currently up across the board – gains are moderate. Futures here in the States point towards a solid gap up open for the cash market which will be above yesterday’s open and within about 3 S&P points of yesterday’s high.
News temporarily trumps the charts, but today’s news won’t be released at a predetermined time. Exit poll results will be released throughout the day, so the odds of a quick move in either direction based on a surprise is much greater than normal. Since I’m already in “lay low” mode, I see no reason to change this today. Then of course we have an FOMC meeting tomorrow.
Here’s the S&P chart I posted yesterday. Price is getting squeezed. Pressure is building. I’d rather get a technical breakout than a news-induced breakout, but it will be what it will be.

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