Before the Open (Nov 8)

Posted on by Jason Leavitt

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mixed and with a bullish slant. Europe is currently mixed and without any standout winners or losers. Futures here in the States point towards a small gap down open for the cash market.
This of course comes off a week many market participants thought there’d be some selling pressure after the elections (buy the rumor, sell the news) which didn’t happen because, well, there was too many people that thought it would. Now the bulls are giddy and relieved and the bears are totally frustrated and those who cashed out are scared they’re going to miss the next leg up. It would make perfect sense for the market to give some back this week – exactly what many thought would happen last week but a week delayed.
Here’s the 30-min SPX chart I’ve been posting. The relatively gentle move up popped last week. There’s nothing technically wrong with this chart…even a 30-point pullback would not destroy the trend.

The trend is up…don’t fight it…but be on the lookout for a correction. 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 (Nov 8)”

  1. a bull correction,with NO ONE calling for a return of the bear
    what do the internals say
    perhaps the bear is dead
    perhaps the bear and bull are desperately frustrated
    what does the usd say
    will the correction start in europe
    does the euro control the markets

  2. i trade negative and positive energy and i love making my broker rich as that means im geting richer
    a exterior mind set is required for all trading

Leave a Reply