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Monday Market Uncertainty – Waiting to See Who Runs America

Posted on the 05 November 2012 by Phil's Stock World @philstockworld

Tomorrow won't matter either.  Nothing will matter much, trading-wise, until we know what direction the US will be taking for the next 4 years.  Not only do we not usually get such a stark contrast in political viewpoints to vote for but also this is such a critical (and precarious) time for our economy so it's not all that surprising that we've had some wild gyrations leading up to this event.

However, not that for all these ups and downs, we still haven't failed the September lows – other than the AppleDaq while the NYSE, our broadest index, has been making some good progress, matching the S&P and Russell to hold roughly 2.5% above the Must Hold line while the Dow and Nasdaq are below theirs but holding their 200 dmas – for now.

Monday Market Uncertainty – Waiting to See Who Runs AmericaNotice how the indexes ran back to our bounce levels but were soundly rejected there on Friday, where I warned Members in our Morning Alert

Let's keep those strong bounce lines in mind – we got 3 of 5 but not impressive until 5 of 5 as the goals were not very high-bar:  

  • Dow  -  13,170 (weak), 13,300 (strong) – now 13,267
  • S&P  -  1,418, (weak), 1,431 (strong) – now 1,433
  • Nas   –  3,010 (weak), 3,050 (strong) – now 3,026

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