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Year End Rally Has Started
www.oneoption.com
The last two weeks were filled with news and the reaction was bullish.
PRE-OPEN MARKET COMMENTS FRIDAY – From August to the election, the market stayed in a holding pattern near the all-time high. That time gave the bid a chance to build. Companies have a quarter of solid earnings growth under their belts and the stocks have been at the same level they were in August. That makes them attractive on a relative basis. The last jobs number was soft because of storms and strikes and those influences have passed. For safe measure, the Fed cut interest rates by 25 basis points yesterday. The trend has been higher and we are entering a period of seasonal strength. Asset Managers love marking portfolios up into year end. Trump won the election and he is a known commodity since he has already served one term. The results were decisive so there will not be a drawn out recount. Republicans won the Senate and the House is likely to go their way. Right now the Democrats have 200 seats with 6 more leaning their way. Republicans have 211 seats with 8 more leaning their way. The debt ceiling needs to be raised in December and this process should go smoothly if Republicans control the House.
Technically and fundamentally the market looks great. You should have starter longs on and I would be adding to swing trades.
From a day trading perspective, we can expect a little profit taking along the way. We are in the early stages of this breakout. Buy dips. Our best scenario is a small gap down that quickly finds support. Those are good buying opportunities. Overseas markets were a little soft so there is a slight headwind. Wait for support and favor the long side.
Support is at $586 and resistance is at $600.
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