The last few weeks have been difficult for sure, but with enough time all things get better. Now it's time to get back into this market and figure out what the next move is. It will take me some time to get back in sync with it of course but right now the writing on the wall looks fairly clear. To me it looks like we are in a topping area and will chop around the 2200 level for awhile as the insiders sell to the sheep. This doesn't mean that the current top is the all time high that won't be taken out, as they could double top it again and slightly pierce it. But the risk to the downside will likely increase over the coming weeks and we very well could see another January drop like we did this year.
On the short term this week is of course the 2nd week of December and you all know that the market makers like to take it down this week so they can sell puts to the retail sheep and then run it back up next week to make those puts expire worthless. It's the old Thursday/Friday low that seems to work out 80% of the time or so. Considering that we are pretty exhausted up here at this topping area I could see it working this time as well. The slow drift down from the current high into the Friday low could have been the start. It looks like some kind of A wave down to me with the B wave up happening right not before the open. If this is correct then a C wave down could take us to the 2160 area where the next support is at.
In short, I don't see much on the downside yet as this month is usually a low volume period which supports more of a trading range being created from the current high to some lower point (maybe the 2130 area?). So over the next several weeks I think we'll see that range form but big drops don't seem likely yet. Probably more like the choppy July period of 2015 before the August crash (not saying that we'll have another crash in January though.. but a nice drop seems likely). Anyway, I'm back to normal postings every day but of course will take the Christmas holiday's off like everyone else.
Last Wednesday the 16th of November 2016 around noon my mother had a Pontine Hemorrhagic Brain Stroke. She died on Friday night around 10 pm EST. The funeral was Tuesday, November 22nd 2016. My dad died earlier this year on March 6th so its been a tough year. He was the love of my mothers life and I know she was very lonely without him. For me my mother was my spark as I didn't know my dad that well. But my mother was like an angel in kindness and giving lifestyle. She will be missed tremendously by everyone that knew her and double that with me. She fell in love with my dad back when she was 17 years old when he met her in the strawberry patch that my grandfather grew and made the 3 girls go pick. My mother (Mary Sue Black Perry) was the oldest of those three sisters at 75 leaving behind her 74 year old sister Barbara Ann Finley and 70 year old sister Sarah Elizabeth Schofield, who is now on her 8th week in the hospital hanging on each and every day with too many problems to list here.
My grandfather used to chase my dad (Daniel Gene Perry) off as he didn't want him dating my mother. But she loved him and chased him all her life. Finally, after many girlfriends and 3 marriages (and divorces) my mother finally became my dads last wife in 2005. She never dated or married anyone that entire time as she was determined to marry the only man she ever loved. It was a dating relationship from age 17 to age 64 for my mother and different lifestyle for my dad. She was the angel attracted to bad boy I guess. She couldn't help her love and put up with too much crazy stuff to list here. Even after his death he impacted her as it was as if he was this dark flame of light that she was trapped with all her life and after it went out she couldn't go on without that flame. But, she died peacefully and did not suffer one minute I believe. I'm sure she is in heaven now and finally at peace. She was a wonderful mother as I couldn't have been more bless then to have her raise me.
I remember the few times she had to spank me for not minding her. She would tell me to go to bed and I would test her and stay up a little longer. Then she would warn me that if I didn't listen and go to bed in the next 5 minutes that she would have to spank me. When I got the spanking I would naturally cry and tell my mother I hated her like most kids did. She would tell me she loves me and that it hurt her more then me as she didn't want to spank me but knew I had to learn. Overall she told me I was a great kid and didn't get into much trouble at all. I am extremely glad to have had her as my mother in this life and will miss her very much. I will love her the rest of my life and never forget the lessons she taught me. May she finally be happy in heaven.
For my regular morning updates and the chatroom. I will be in an out of the room the rest of this week and will resume normal updates next week. I have a lot to do this weekend as I'll be moving into my mothers house. Plus it's Thanksgiving this week and the stock market isn't likely to do a whole lot. Thank you all for you patience and understanding for the time I've taken off.
Yesterday I suggested we would stay in the triangle and then most likely breakdown today or Thursday. It looked good most of the day but then the last few hours the futures rallied up out of the triangle and made a run for a new "higher high" then the election squeeze. It didn't happen during normal hours but I told everyone in the room it would likely continue higher after-hours and take out the bears' stops and then rollover this morning. So far that's working out correctly.
Now for today we'll likely have two scenario's that can play out and both are bearish. The first one is that we continue on down falling back into the triangle and finding support at the 2150 area again. The second scenario is that we trade sideways where we either ride the old yellow rising trendline back up to 2175 or so, or the falling trendline that makes the top of the triangle. That one points to 2165 into the close and is also where the other yellow rising trendline meets it as well.
MACD's on most all of the time frames for the ES Futures now show lower highs, which is called "negative divergence" while the price level made a higher high after-hours. This tells me we have lower to go but since the market moves in waves and since we are still in a "normally bullish" monthly option expiration week, I'd lean toward scenario two where some kind of sideways move (either slightly up or slightly down) would happen today.
Therefore the first wave 1 down (or A wave?) would be this mornings' gap down and at some point the sideways "wave 2" (or B) will show up and take us into the close. Then the wave 3 down (or C) will happen Thursday morning. The bottom of this move might only be a retest of the 2150 area now? I say this because the market trying very hard not to lose that area. The run up after-hours to make a new high is a clear sign that the market is stronger then expected, whereas if they failed to get through the top of the triangle (around 2170 yesterday) and then rolled over like this morning I think we would be headed for the 2130 area. But now that we've rallied up 15 points higher after-hours I'm lowering the odds on a move to 2130 and looking more for 2150 again.
Thursday is more likely to be the day where we bottom on this move I think and then Friday they can pin the market where it hurts the most traders making the most amount of options expiration worthless. Ever since they busted up through the 2145-2155 zone of resistance they working extremely hard to hold it. That makes sense I guess when you think about it as "if" they were to lose it again and head toward the 2130 area it would be really hard to regain that lost ground again. I think on the bigger picture we are going to stay range-bound from the current all time high down to the 2150 zone the rest of this week and then next week breakout to finally tag that magical 2200 level. Naturally we should pierce it a little. In the past "common" pierces were about 15-20 points. Just like on on the DOW we might see 200-400 points on a pierce of 19,000 when this all happens.
So for today I'd look for the usual bounce at the open, then the move back down lower, where is should lose momentum within the first few hours of the day and find a bottom. Then a small sideways (again, slightly up or down) into the close seems likely. By the close we could see another setup for a drop again on Thursday. This of course depends on the depth of the move down this morning and the rally back up later.
At UN climate talks in Morocco, countries say they are prepared to move ahead without the US.
President-elect Trump has said that he will "cancel" the Paris Climate Agreement within 100 days of taking office.
Negotiators in Marrakech say that such a move would seriously damage the credibility of the US.
But fossil fuel supporters say Mr Trump's plans prioritize the needs of American families.
Cancelling the deal
The election of a candidate viewed with horror by many environmental campaigners, has cast a significant shadow over COP22 - the annual meeting of climate delegates from almost 200 countries.
They have come to Marrakech to work on the nuts and bolts of the Paris Climate Agreement.
However the election of Mr Trump now poses something of a threat to the deal signed less than a year ago in the French capital.
The treaty commits governments to take action to keep global temperatures from rising by 2C above pre-industrial levels and to do their best to keep that rise to less than 1.5 degrees.
But Mr Trump has promised that within 100 days of taking office he would "cancel" the agreement and "stop all payments of US tax dollars to UN global warming programmers".
Aware of Mr Trump's intentions, countries speedily ratified the Paris deal and it became a binding part of international law on 4 November.
Climate activists protested at Trump's election outside climate talks in Morocco
If the new president wants to take the US out of the agreement, the process will require four years before he is free of it.
But while that might frustrate Mr Trump, he has also promised within his first 100 days, to rescind the executive actions that President Obama has taken to limit US emissions of carbon.
The key element of the Obama scheme was the Clean Power Plan, that aimed to severely restrict CO2 from energy production.
On the campaign trail, Donald Trump repeatedly denounced the costs of the plan and said he would reverse it.
"It also means scrapping the EPA's so-called Clean Power Plan, which the government itself estimates will cost $7.2bn a year. This Obama-Clinton directive will shut down most, if not all, coal-power electricity plants," he told an audience in New York in September.
The President-elect's plans to renege on the Paris Agreement and push forward with coal have been condemned by green groups globally.
"Trump's election is a disaster, but it cannot be the end of the international climate process," said May Boeve from 350.org.
"We're not giving up the fight and neither should the international community. Trump will try and slam the brakes on climate action, which means we need to throw all of our weight on the accelerator."
In Marrakech, where up to 20,000 participants from all over the world are trying to advance the Paris Climate Agreement, there was a strong sense that the President-elect's promises wouldn't sabotage the deal.
"I'm sure that the rest of the world will continue to work on it," Moroccan chief negotiator Aziz Mekouar told wire agencies.
Others felt that the practicalities of office may change Mr Trump's tone.
"Now that the election campaign has passed and the realities of leadership settle in, I expect he will realize that climate change is a threat to his people and to whole countries which share seas with the US, including my own,'' said Marshall Islands President Hilda Heine at the meeting.
However, Mr Trump's promise to rapidly get out of the Paris agreement and to push forward with a coal friendly policy have been welcomed by groups representing the fossil fuel industry.
According to the American Energy Alliance (AEA), which has attracted funding from companies and individuals opposed to green energy, the election presented the opportunity to reset the "harmful" policies of the last generation.
Trump's support for coal has resonated with his followers
"We were among the first organizations to endorse President-elect Trump," the AEA said in a statement.
"We're excited to work with his administration to put forth energy policies that will deliver affordable energy to American families, invigorate the economy, and create more opportunities for future generations."
For delegates in Marrakech, Mr Trump's promises to pull out of Paris and his general climate skepticism are an unwelcome distraction but not as yet a derailment.
Many believe that over time, the realities of a changing climate would bring even the wealthy businessman into line.
"It's clear Donald Trump is about to be one of the most powerful people in the world," said Alden Meyer, from the Union of Concerned Scientists.
"But even he does not have the power to amend and change the laws of physics, to stop the impacts of climate change, to stop the rising sea levels."
India is in the middle of an extraordinary economic experiment.
On 8 November, Prime Minister Narendra Modi gave only four hours' notice that virtually all the cash in the world's seventh-largest economy would be effectively worthless.
The Indian government likes to use the technical term "demonetization" to describe the move, which makes it sound rather dull. It isn't. This is the economic equivalent of "shock and awe".
India raises withdrawal limit as rupee anger mounts
India rupee ban: Currency move is 'bad economics'
Can India's currency ban really curb the black economy?
Do not believe reports that this is primarily about bribery or terror financing, the real target is tax evasion and the policy is very daring indeed.
You can see the effects outside every bank in the country. I am in Tamil Nadu in the south of India and here, as in every other state in the country, queues of people clutching wads of currency stretch halfway down the street.
Long queues of people wanting to exchange the old notes have formed across India
Mr Modi's "shock and awe" declaration meant that 1,000 and 500 rupee notes would no longer be valid.
These may be the largest denomination Indian notes but they are not high value by international standards - 1,000 rupees is only £12. But together the two notes represent 86% of the currency in circulation.
Think of that, at a stroke 86% of the cash in India now cannot be used.
What is more, India is overwhelmingly a cash economy, with 90% of all transactions taking place that way.
And that is the target of Mr Modi's dramatic move. Because so much business is done in cash, very few people pay tax on the money they earn.
According to figures published by the government earlier this year, in 2013 only 1% of the population paid any income tax at all.
As a result huge numbers of Indians have stashes of tax-free cash hidden away - known here as "black money".
Even the very poorest Indians have some cash savings - maybe just a few thousand rupees stored away for a daughter's wedding, the kids' school fees or - heaven forbid - an illness in the family.
India's Prime Minister Narendra Modi gave only four hours' notice of the move
But lots of Indians have much more than that.
It is not unusual for half the value of a property transaction to be paid in cash,with buyers turning up with suitcases full of 1,000 rupee notes.
The size of this shadow economy is reckoned to be as much as 20% of India's entire GDP.
Mr Modi's demonetization is designed to drive black money out of the shadows.
At the moment you can exchange up to 4,500 (£48) of the old rupees in cash for new 500 (£6) and 2,000 (£24) rupee notes.
There is no limit to the amount that can be deposited in bank accounts until the end of December, but the government has warned that the tax authorities will be investigating any deposits above 250,000 rupees (£2,962).
Breach that limit and you will be asked to prove that you have paid tax. If you cannot, you will be charged the full amount owed, plus a fine of 200% of the tax owed. For many people that could amount to be pretty much the full value of their hidden cash.
This is brave politics. Some of the hardest hit will be the small business people and traders who are Mr Modi's core constituency. They voted for him because they believed he was the best bet to grow the economy and improve their lot. They will not be happy if he destroys their savings.
Businesses will no longer take 500 and 1,000 rupee notes
Mr Modi says he is simply delivering on his pre-election promise to tackle corruption and tax evasion.
He says he warned that he would squeeze black money out of the system and had already offered amnesties to those who declared their black money holdings.
And, so far at least, the policy seems to be popular, in spite of the long queues and the fact that much day-to-day business in India has ground to a juddering halt.
Most Indians resent the fact that many of the richest among them have used black money to evade paying their fair share of tax and are happy to suffer a few weeks of what Mr Modi called "temporary hardships" to see them face justice.
They also recognize the benefits of drawing more people into the income tax net.
India has very low rates of tax compared to many other countries. The tax-to-GDP ratio - how much tax is raised as a proportion of the output of the economy - was 17% in 2013.
The average across the economies of the Organization for Economic Co-operation and Development - a club of mostly rich nations - was over 34%.
Demonetization is part of a wider project to draw Indians into the formal economy and to get them to start paying the tax they owe.
There is no limit to the amount of old notes that people can deposit in bank accounts until the end of December
Curbing tax evasion is part of the agenda for the "aadhaar" scheme, a giant digital database designed to give hundreds of millions of Indians a unique ID, and of the new Goods and Services tax.
And reducing tax evasion can only be good for India. The more money it raises in tax, the more it has to spend on useful stuff like roads, hospitals and schools.
The more the country spends on public goods like that, the faster the Indian economy is likely to grow - or so the argument goes.
So the big question is: will it work?
Some economists have questioned the decision to introduce the 2,000 rupee note. They say if the policy is designed to force people into the banking system why issue a higher denomination note - presumably an even more convenient vehicle for black money transactions?
But the headlines about chaos and confusion are a bit misleading.
There have been virtually no reports of violence despite the huge disruption this policy has caused.
The new 500 and 2,000 rupee notes are in short supply and banks regularly run out of them
The queues are orderly and the worst you hear are the irritated mutterings of those whose days have been wasted standing in line.
But Mr Modi needs to be careful. The new notes are in short supply and there are not enough smaller denomination notes to go around, so the banks regularly run out of cash.
That cannot go on for long without irritation turning to anger.
But some queuing may be excusable, because in one regard the policy has already been a complete success: it came as a surprise to the entire country.
Think what that means. The government managed to plan this audacious policy, printing billions of new notes without anyone letting slip what was happening.
Reportedly, even senior members of the cabinet were not told what was being planned, for fear that if word got out the entire policy would be undermined. The hoarders would have time to empty their mattresses and launder their stashes into gold or other assets.
Keeping a secret of this magnitude in India, a country that thrives on rumor and gossip, is nothing short of a triumph and surely a reasonable justification for a few hiccups along the way.
The futures are up slightly this morning, which I guessed would be the more likely scenario. The falling trendline pointing to around 2170 today is strong resistance currently and is likely the best area to short at for a move down to the 2130 area over the coming day or two. While there is still support around 2150 I do think it will break soon. Whether that happens today, afterhours or tomorrow is unknown. We could drop down to that level today and rally back up to "maybe" 2160 or so by the close and then drop tomorrow? It's common to see these triangle patterns drag out for longer then we expect.
On the SPY that 2130 area would be around 214.00 or slightly lower. The whole area between 213.00 and 214.00 is good support and should stop the move down when it comes. For today I'd just be looking for a shorting opportunity with the ideal spot being a rally up to the falling trendline pointing to 2170 currently. I don't see any good longs at this level, only a short. However, once we get down into the 2130 zone I'd be looking for a long that will likely make another attempt at the magic 2200 level, but that's probably something that's still going to be tough to get and won't get close until next week.
The MACD's here on this 60 minute chart are kinda flatlined but on the 6 hour chart they are pointing down from a high around +15 and are around +8 to +10 right now. I don't think they will bottom out and turn back up until around the +5 to as low as zero area is hit.
This Monday morning we see the ES Futures about flat. Over the weekend they bust up through the falling green trendline of resistance and have since backtested it this morning. Looking at the MACD's we've now had a "lower high" and are not pointing back down again on this 60 minute chart. The 2 hour looks similar and the 6 hour is still hovering up in the +10 level and is clearly still very overbought. That tells me that even if the 60 minute chart and the 2 hour chart do turn back up on their MACD's the upside seems limited with the 6 hour chart still overbought. Since Mondays' tend to have light volume I could see those short term MACD's turn up and give the market a small rally today. But I think the market needs a little more time to reset other charts (like the 6 hour) as many are still too overbought. So while we might not breakdown below the 2150 horizontal support zone today we also won't likely have the strength to make a new all time high today either.
My thoughts are that we'll trend up a little in the morning session and drift back down later in the day, making it a choppy day likely staying below 2175 and above 2150. The SPX Cash is still pointing down on its' MACD's which suggests again that we'll need more time to reset the charts back to bullish again. It doesn't mean we'll drop to the 2130 zone yet either as "if" enough time goes by we could see a sideways range instead that reset the charts to bullish. While we "should" drop into that range to get the stronger bullish setup we all know too well that the bulls don't like to give up much ground. So let's not rule out the "triangle" pattern being used to reset overbought charts instead of a nice clean ABC wave move down to that 2130 zone. For today though I'd be focusing on that falling trendline around 2175 to hold the bulls back today as that's where they should stall out today. Other then day traders I currently don't see much to trade today. It just looks like a choppy today inside a triangle. Possibly a setup (either bullish or bearish) will show up going into the end of the day as charts realign themselves. Naturally if I see a setup going into Tuesday I'll post another update. But this morning I don't see much worth trading.
Donald Trump revealed his 13-member economic advisory team on Friday, along with an announcement that he will unveil his policy agenda “for revitalizing the American economy” at the Detroit Economic Club on Monday at noon.
“Mr. Trump’s speech will focus on empowering Americans by freeing up the necessary tools for everyone to gain economically,” the statement reads. “It will stand in stark contrast to Clinton’s same, stale big government policy prescriptions that have choked economic growth in America and led to over 40 years of wage stagnation.”
The all-male team draws heavily from Wall Street, featuring hedge fund executives like John Paulson, who made his fortune betting against the subprime market last decade, and Stephen Feinberg, co-founder of asset management firm Cerberus Capital Management.
Trump also draws heavily from the world of real estate, while also including figures like Dan DiMicco, Executive Chairman of the steel manufacturer Nucor Corporation, a move which emphasizes Trump’s campaign theme of revitalizing American manufacturing. Other members include:
Thomas Barrack, Founder and Executive Chairman of Colony Capital,
Andy Beal, Founder and Chairman of Beal Bank and Beal Bank USA
Stephen M. Calk, Founder, Chairman and CEO of Federal Savings Bank,
Dan Kowalski, Deputy Staff Director of the Republican staff of the Senate Budget Committee
Howard M. Lorber, President and CEO of Vector Group Ltd
David Malpass, former Deputy Assistant Treasury Secretary under President Reagan, and Deputy Assistant Secretary of State under President George W. Bush.
Steven Mnuchin, Chairman and CEO of Dune Capital Management LP
Stephen Moore, economist and founder of Club for Growth
Peter Navarro, economist, Paul Merage School of Business at the University of California, Irvine
Steven Roth, Chairman of the Board and Chief Executive Officer of Vornado Realty Trust
Despite the fact that Donald Trump has been falling in the polls this week, most surveys still show voters trusting his handling of the economy more than Hillary Clinton’s. Monday’s policy announcement therefore may prove to be the real estate magnate’s first big chance to stem Clinton’s momentum and stage a comeback in the polls.
Yesterday near the close I suggested we'd drop down this morning as the 2 hour chart (and 3 and 4 hour charts) was too overbought and pointing down strongly on its' MACD's. This 60 minute chart shows its' MACD's now near zero where it's common to see a turn back up. This tells me that the 2150 zone of support will likely hold today (at least early) as the MACD's turn back up and provide a small bounce today. I'd look for the new falling trendline (in light green) to be resistance on any bounce. It's pointing to about 2160 into the close, but is around 2165 right now.
On the downside I suggested we could drop back into the 2125 zone but it's looking more like we'll hold the 2150 most of today as the MACD's on the 60 minute chart turn back up and get overbought again later today or afterhours where it should put in a lower higher somewhere in the +5 to +10 area.
So today could be choppy as the market tries to hold that 2150 zone of support but probably won't get over the falling green trendline at 2165 right now. We all know that a lot of the big moves happen afterhours so it wouldn't surprise me to see this move down go into Monday morning.
It's been 36 hours (or so) since we were all witnesses to the biggest political upset in presidential history. As President-elect Donald Trump and President Obama huddle in Washington on Thursday, and as the gears of the incoming government begin to grind in earnest, I'm still totally captivated by the “how” of this election. How did this happen and what can we learn about ourselves and the country as a result?
The best way to do that — still — is the exit poll, the national survey of voters that gives us a portrait of who we are and what we believe. As you might expect in an election this historic, there are lots and lots of remarkable — and remarkably contradictory — findings in the exits. My take-aways — offered only in the order I came up with them — are below. (A caveat: When you talk about slicing and dicing exit polls, you are, at times, dealing with very small numbers of actual people on which broad conclusions are based. Consider that as you go through these numbers.)
1. Trump won the white vote by a record margin
In 1984, Ronald Reagan won the white vote by 20 points on his way to a 525 electoral vote smashing of Walter Mondale. Mitt Romney matched that 20-point victory in 2012 while losing relatively convincingly to President Obama. On Tuesday, Trump one-upped them both — literally. He won the white vote 58 percent to 37 percent.
The white vote also continued its decline as a percentage of the overall voter pool. In 1984, whites made up 86 percent of the total electorate. That number was 72 percent in 2012. And 70 percent in 2016.
2. There was no surge of female voters
For all of the talk that Trump's comments about women — and the allegations of sexual assault made against him by a dozen women — would mean historic turnout among female voters (and a historic margin of defeat for Trump), it simply never materialized.
Women made up 52 percent of the overall electorate in 2016 — down from 53 percent in 2012. And Hillary Clinton's 12-point margin over Trump among women was pretty darn close to the 11-point win among women that Obama claimed over Romney four years ago.
3. There was no surge of Latino voters
Trump built his campaign on a pledge to build a wall on our Southern border and make Mexico pay for it. He suggested during the campaign that a judge of Mexican descent might not be able to rule fairly in a case involving Trump University. He said that Mexico was sending “criminals” and “rapists” to the United States.
All of that led to predictions of historically high Hispanic turnout, with many predicting that 2016 would be the election that Latinos emerge as the electoral force that their population numbers suggest they should be.
It just didn't happen.
In 2012, Hispanics made up 10 percent of the overall electorate. That bumped up, marginally, to 11 percent in 2016. And, far more interestingly, Trump actually performed better among Hispanics than Romney did — 29 percent to 27 percent. More tellingly, Clinton underperformed Obama's 2012 showing among Hispanics by six points (71 percent for Obama, 65 percent for Clinton), an under-performance that allowed Trump's slight over-performance among white voters to matter more.
4. Education level mattered hugely in your vote choice
In 2012, Obama won both voters who had graduated from college and those who hadn't; he took 50 percent among the former group and 51 percent among the latter. This time around, there was a far bigger divide. Clinton won voters with a college degree 52 percent to 43 percent. Trump won voters without a college degree by eight points.
Also, contrary to some of the conventional wisdom out there about the 2016 voter, this was a more highly educated electorate than in 2012. It split evenly — 50 percent for each — between college grads and non-college grads. Four years ago, 53 percent of the electorate was non-college grads as compared to 47 percent who had a college degree.
5. Trump did better with white evangelicals than Romney
Trump didn't do much to court white evangelical voters. And his personal story — three marriages, two divorces — doesn't seem like one that many evangelicals could or would identify with. But Trump actually did better among white evangelicals than Romney had in 2012; Trump won 81 percent of “white evangelical or white born-again Christians” while Romney took 78 percent. (White evangelicals made up 26 percent of the electorate in both elections.)
How to explain it? One theory is that as a Mormon, Romney was always viewed skeptically by evangelical whites. Another is that with social issues on the wane as voting issues, white evangelicals acted more tribally; they're an overwhelmingly Republican bloc and voted like it. Or maybe Trump's antiabortion stance — and Clinton's support of abortion rights — was enough.
6. Trump didn't brings lots of new voters to the process
Just 10 percent of voters said that the 2016 election was their first time voting. Of that group, Clinton won 56 percent to 40 percent over Trump. Of course, new voters often overlap with younger voters who are eligible to vote for the first time; Clinton won among 18- to 24-year-olds by 21 points.
7. The economy was the big issue — and Clinton won it
A majority (52 percent) of voters said the economy was the most important issue facing the country. (Voters were given a choice of four issues; “terrorism” was the second most commonly named “important” issue, with 18 percent choosing it.) Among those economy voters, Clinton beat Trump by 10 points.
Scratching your head yet? More below — but this is one of several findings in the exit poll that suggest people weren't voting on issues. Like, at all.
8. This was a change election. And Trump was the change candidate.
To me, this is the single most important number in the exit poll in understanding what voters were thinking when they chose Trump. Provided with four candidate qualities and asked which mattered most to their vote, almost 4 in 10 (39 percent) said a candidate who “can bring needed change." (A candidate who “has the right experience” was the second most important character trait.) Among those change voters, Trump took 83 percent of the vote to just 14 percent for Clinton.
The desire for change appears to be at the root of the choice lots and lots of voters made. And Trump was change while Clinton was more of the same.
9. Obamacare was a wind beneath Trump's wings
The late October announcement that the average premium for people in the federal insurance exchange of the Affordable Care Act would rise by an average of 25 percent landed like a lead balloon on a not-insignificant portion of the electorate.
Almost half of the electorate (47 percent) said they thought Obamacare “went too far.” Trump beat Clinton 83 percent to 13 percent among that group.
10. Trump's personal image was and is horrible
Trump's victory should be in no way interpreted as a vote of confidence in him or his capacity to do the job. Less than 4 in 10 voters (38 percent) had a favorable opinion of him. Only 1 in 3 said he was “honest and trustworthy.” Thirty-eight percent said he was “qualified” to be president. Thirty-five percent said he has the “temperament to serve effectively as president.”
How can a candidate win with numbers like these? Because the desire for change was so great that it overrode all of the doubts — or at least many of the doubts — people had about Trump.
11. Clinton's email hurt her
Democrats spent the entire election — and the two days since the election! — insisting that Clinton's decision to exclusively use a private email server as secretary of state was a non-issue. Turns out they were wrong. Almost two-thirds of Americans (63 percent) said that Clinton's “use of private email” bothered them “a lot” or “some.” Among that group, Trump won 70 percent to 24 percent.
12. This was a deeply pessimistic electorate
Just 1 in 3 voters said they thought the country was “generally going in the right direction.” Clinton won 90 percent of that group. But, among the two-thirds of people who said things were “seriously off on the wrong track,” Trump took 69 percent.
Again, “change versus more of the same” as the dominant theme of the election. And evidence that Trump's willingness to say, “Yeah, things suck now ... but I will fix them” was a genius strategic decision.
13. People didn't think Trump lost the debates as badly as I did
I named Clinton the winner in each of three presidential debates — and I didn't think any of the three were particularly close. Lots of people who voted Tuesday did not agree with me. Among the 64 percent who said the debates were an “important” part of their vote for president, Clinton won by a narrow 50 percent to 47 percent margin over Trump. Of the 82 percent of people who said the debates were a “factor” in their decision for president, Trump took 50 percent to 47 percent for Clinton.
Good Morning All. No doubt we are very, very overbought now on the short term charts of the ES Futures as all of them from the 6 hour chart on down are at extreme highs with their MACD's now. The SPX Cash is almost as overbought too it seems, with only the 4 and 6 hour charts showing move room to go up. Basically is tells me that neither futures nor cash indexes will get through their prior all time highs on the first hit of them. A pullback of some degree (in time more the price) is almost a certainty.
So, we have the futures with a 2184 prior high and the cash with a 2193 high, and we hit 2180 this morning on the futures and have since then pulled back. It tells me that they will attempt another run back up today during the normal market hours so the cash index can get its' chance at 2193... which should also fall short. Based on how much time it takes to turn these MACD's back up on the futures (and to keep them up on the cash) my thoughts are that will see that final thrust higher late in the day near the close.
Therefore we could and should see some pullback early in the day but it should NOT break the prior 2150 area where it broke-through horizontal resistance yesterday. The DOW came within a hair of its' prior all time high of 18,688.44 yesterday with a 18,650.06 high. But on the futures of the DOW the prior high was 18,615 and that was taken out this morning with a 18,714 high. This is a clue that a new all time high on the SPX Cash and/or ES Futures "could" also happen but one should NOT assume that the market will just keep on going up without a pullback as double tops have high odds of stopping rallies on the first attempt.
My thoughts are simple. Give the charts enough time to get extremely overbought on the MACD's of all the shorter term periods (mainly the 4 and 6 hour charts) for the SPX Cash Index today, which should be by today's close, or possibly extended into Friday morning. Then we won't care so much about whether they make a slightly lower high or higher high like the DOW. We'll just be looking to short going into Friday morning if the alignment of the MACD's and the push back up into the close today setups as I think they will. If we pullback today of course and don't do that final push back up into the close then I'd look for it to happen Friday morning, where I'd then take a short. Either way it's just a matter of giving the charts enough TIME to setup and not worrying about what the price level will be when the setup appears.
WOW! And a "Flash Crash" we did indeed get! Yesterday I suggested that they might do another flash crash by showing Trump as a winner early and then steal it back later with some recount to give it to Hillary, but I'm shocked that they actually failed at rigging the election as Trump really won. Amazing! I guess they aren't a powerful anymore as they used too be? I view this as great news for America as we won't have another 4-8 years of the Bush-Clinton Cabal Gangsters. Now we'll have to hope that Trump follows through with all he talked about in his campaign. I think he's certainly a far better leader then Hillary, even-though I don't like his personality. As I've said before I like Paul Ryan, Ran Paul and even think Bernie Sanders would have been a good honest president. But we didn't have those people to choose from and now I'll support Trump. No doubt he's a sharp business man, so maybe he can get this country turned around? Who knows for sure?
Anyway, as for the market today, I'm not sure where to begin? We had a flash crash drop last night of "over" a 100 points down on the ES Futures and almost a 1,000 points on the DOW Futures. But, we have recovered about 70% of the move down now it seems. It was a "limit down" move so it kinda had to bounce I guess. I'm sure it was a big stop run on the bulls with this flash crash move. Now they are running the bears.
I don't think I can predict the market today as it needs a few days to settle down so the charts will start working correctly again as today's' moves (and yesterdays) are based on fear of the unknown... which is naturally hard to control, let alone pick the bottom or top. So give me some time today and tomorrow and when things get back to normal I'm should have a better forecast.
Oh, and afterhours the FP on the SPY from 10/28 showing 215.54 was hit to the EXACT penny... and that was the EXACT top in the futures as well. A short taken then would had made a fortune for people playing the futures. Unfortunately I don't play futures, but I'm sure some of you do. Hopefully you did well. Anyway, I'll post more updates throughout the day after something appears to help predict new levels of support and resistance. I've added a Fibonacci chart on the afterhours high to the low, which might be some levels to watch for support and resistance. Ok, that's it. As I said, I'll do new updates and charts and put them in the chatroom as I see new data show up.
Officials confirm problems occurred after reports machines switched Trump votes to Clinton
Multiple voters reportedly claimed that their votes for Republican Donald Trump were being switched to Hillary Clinton before their very eyes.
"I went back, pressed Trump again. Three times I did this, so then I called one of the women that were working the polls over. And she said you must be doing it wrong," voter Bobbie Lee Hawranko told CBS Pittsburgh. But "she did it three times and it defaulted to Hillary every time," he said.
Officials claim the machines have been recalibrated and that the problem is fixed.
CLINTON TOWNSHIP (KDKA/AP) – Today is Election Day and for the most part, voting has been smooth.
Many areas are already seeing long lines with some officials saying they wouldn’t be surprised if voter turnout topped 80 percent.
However, there have been some scattered issues where voters are encountering problems.
“Every time I would push a candidate for the Republican party, it would come up for the Democratic candidate,” said voter David Drane.
Election judges in Clinton Township, Butler County confirmed there were issues with two of their eight automated voting machines. Most of the issues came when people tried to vote straight party ticket.
However, others said they specifically wanted to vote for Republican Donald Trump only to see their vote switched before their eyes to Democrat Hillary Clinton.
“I went back, pressed Trump again. Three times I did this, so then I called one of the women that were working the polls over. And she said you must be doing it wrong. She did it three times and it defaulted to Hillary every time,” Bobbie Lee Hawranko said.
Pennsylvania State Representative Daryl Metcalfe went to Clinton Township to check on the reports for himself.
“If somebody has an issue, they should certainly let the judge of elections at the precinct know and also call their county bureau of elections as folks have done here this morning,” Pa. Rep. Daryl Metcalfe said.
Happy Election Day! Be sure to go vote for Satan or Lucifer today as every vote counts... not really as only 538 "electoral" people do the voting but you can get a cool badge that says you voted so it must be something.
Ok, yesterday near the close I said I thought today would be a "pause" day where we trade sideways to slightly down as the short term charts are too overbought. I'll stick with that forecast and only add that there could be a late day rally after the 60 minute chart and possibly this 2 hour chart work off most of the overbought conditions. I don't think that's the way SkyNet has it planned but it's possible (especially if they surprise us with a Trump victory). I think most America's know the elections are rigged and Krooked Killiary has already be chosen, so assuming she wins we should rally up Wednesday to hit the FP on the SPY from a week or so ago. That's not too much higher so again... "if" for some reason they rally into the close today to tag that FP then we might be looking at some surprise tomorrow.
My thoughts on it are that they would pull some move that hints at a Trump victory where wall street panic's and dumps the market Wednesday and then they recount them and say Hilliary won and the market rallies back up. It's all just a game to steal your money with these wild swings up and down. Any trader with that can do any critical thinking would have put two and two together and come to the conclusion that the FBI re-opening the email case on Hilliary a week before the election was just staged to benefit her when the weekend before the election they come out and say she's innocent and that they are dropping the case. Total bullshit of course but it trapped the bears short with the big squeeze up yesterday, which I'm sure was planned as well. Traders should not expect much on the downside today as once SkyNet traps the shorts it rarely gives them any chance to get out.
So, assuming we don't rally up into the close and tag the FP on the SPY, I'm expecting a choppy sideways day today and the rally up tomorrow after Hilliary gets elected. But if we rally today instead and hit that FP then I'm looking for some kind of scare that Trump won to drop the market on Wednesday. Another "Flash Crash" I guess you'd call it? Then on Thursday you recount the votes and give to Hilliary as that was always the plan anyway. But a "fake out" drop is worth Trillions of dollars to them if they turn it into a flash crash. Never under estimate these criminals that run the market guys. Let's not forget that Wednesday is also 11-9-2016, or 911 backwards. I'm not saying anything is going to happen but I'd be a bear again if the FP on the SPY is hit by the close today. Remember, the last big drop (mini-crash) was on 9-9-2016 and 2+0+1+6=9, or 999... flipped is 666. These Satanist that run the market love their ritual numbers, so be on guard.
The world’s largest e-commerce platform, China’s Alibaba, is aiming for a record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in 2020 from 3.09 trillion this year, Reuters reports, quoting the company.
According to Alibaba founder Jack Ma, the company also wants to quadruple the number of customers to 2 billion by 2036, up from 423 million buyers in 2016.
Ma has pledged to intensify the fight against counterfeit products and intellectual property rights violation.
"I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem," he said.
In April, Alibaba became the world’s largest retailer, surpassing Walmart. The company says its online trading accounts for 10 percent of all retailing in China and has generated 15 million jobs.
Last November, Alibaba hit a record $14.3 billion in sales on Singles’ Day, a Chinese holiday intended to celebrate single life. This is more than double the e-commerce sales in the US from Thanksgiving, Black Friday, and Cyber Monday combined. Alibaba has been holding these sales since 2009. November’s $14.3 billion smashed 2014’s total of $9.3 billion in gross sales.
The company also holds the title of the biggest IPO in history, raising $25 billion in four days in September 2014, $7 billion more than Visa and $9 billion more than Facebook and General Motors.
Alibaba generates more revenue than Amazon and eBay combined
Chinese e-commerce giant Alibaba has blown away earnings expectations in the quarter ending September 30. Revenues increased 55 percent to 34.29 billion yuan ($5 billion), more than Amazon and eBay combined.
“We reported robust revenue growth of 55 percent this quarter, with strong growth in each of our four reporting segments,” said Maggie Wu, Chief Financial Officer of Alibaba Group.
“Our highly profitable and cash flow generative core commerce business enables us to invest in our future growth areas of cloud computing, digital media and entertainment and innovation initiatives. We expect each of these businesses to drive long-term value for both our customers and shareholders,” she said.
Alibaba’s revenue of 34.29 billion yuan (about $5 billion) in the three months through September beat the average estimate of 33.9 billion yuan from 24 analysts polled by Thomson Reuters.
Revenue from the company's core e-commerce business grew 41 percent over the year before to 28.49 billion yuan ($4.2 billion), driven by sales in China.
Net income slid to 7.1 billion yuan ($1.05 billion) from 22.7 billion yuan ($3.35 billion). Alibaba pegged the fall on a large one-time item.
"Beyond the strong performance of our core commerce business, we are pleased with the continued rapid growth of our cloud computing business," said Daniel Zhang, CEO of Alibaba Group.
Alibaba’s media and digital entertainment business, which was consolidated under a new entity on Monday, saw revenues rise 302 percent year on year, mostly due to the consolidation of Youku Tudou, the local alternative to YouTube, which is blocked in China.
The company’s report comes just days before China’s Singles’ Day on November 11, the world's biggest online shopping event, which is 10 times bigger than US Cyber Monday. Last year, Alibaba earned a world record breaking 91.2 billion yuan ($14.32 billion) during the day.
Happy Bear Squeeze Monday Guys! Looks likely that the multiday losing streak (9 days) that hasn't been seen in 36 years will come to an end today as the futures are ready to open up over 25 points this morning. Looking at this 60 minute chart we see the futures have hit the falling trendline this morning and has backed down from it a few points. Consider how overbought we are short term that fall trendline might hold the bulls back at least during the first half of today if not all day. While I don't expect some big down move from here I also don't see much more on the upside today. Most likely we'll stay up here in this range all day and try to push through this mornings' current high later today near the close. This is my preferred scenario.
My 2nd scenario is that we push through the resistance early in the day and make a run for the higher falling trendline (in brownish red) coming in around 2123 today. The last scenario would be a pullback to half the gap up, which I think has the lowest odds. I see the highest odds are the "sideways most of the day and some attempt to rally late in the day" scenario I mentioned first. Then the "push through the resistance early" as the next likely plan. Overall I see this gap up holding this zone and/or pushing higher. I don't see an gap fill today and "at best" I could see the gap window tested (around 2102.50). The markets are still worried about the election on Tuesday so while I think we'll hold this level today I don't think this is over with yet on the downside.
This is likely just a bear squeeze that will end in days to weeks with a peak high still lower then the all time high. We have a possible FP on the SPY that could be the upside target? However, that doesn't mean it will turn back down once it's hit... it only means that the market will likely go up and hit that level. After that it might chop around, rollover, or trade sideways for awhile and push up more? Don't know? Of course the election tomorrow is a wildcard as we just don't know what will happen after it's over. So for now let's just stick will today and expect either sideways trading with some odds of a pullback to gap window, or a push through on up higher with the next resistance at 2123.
NEW YORK — The slow, steady retreat of the stock market ahead of the 2016 election continued Friday, with the market falling for a ninth straight day. Wall Street is now in its longest period of decline in more than three decades.
Investors continue to focus on the U.S. presidential election, which has become too close for comfort for some investors and has put the market on the defensive.
The Dow Jones industrial average lost 42.39 points, or 0.2 percent, to 17,888.28. The Standard & Poor's 500 index lost 3.48 points, or 0.2 percent, to 2,085.18 and the Nasdaq composite lost 12.04 points, or 0.2 percent, to 5,046.37.
The last time the S&P 500 fell for nine straight days is December 1980, nearly 36 years ago. Ronald Reagan wasn't even president yet.
However the nine days' worth of declines has been relatively minor, comparatively speaking. The S&P 500 fell 9.4 percent during the 1980 nine-day losing streak, according to Howard Silverblatt at S&P Global Market Intelligence, compared with the 3.1 percent decline in this sell-off.
Investors point to one reason for the drop: Donald Trump.
With only a few days left until the election, Hillary Clinton is still leading in national polling but Trump appears to have considerably narrowed the gap, particularly in swing states. Investors like certainty, and Clinton is seen as likely to maintain the status quo. Trump's policies are less clear, and the uncertainty and uncomfortable closeness of the polls has caused jitters in financial markets.
"Some investors are afraid of Donald Trump becoming president," said Michael Scanlon, a portfolio manager at Manulife Asset Management.
Other portfolio managers and market strategists have made similar comments, saying that it is likely a drop would continue on Wall Street if Trump were to prevail, at least in the short term. The VIX, a measure of volatility nicknamed Wall Street's "fear gauge" because it allows investors to bet on how much the stock market will swing in the next 30 days, has surged 40 percent this week. It is at its highest level since June, when Britain voted to leave the European Union.
"No one really knows what Trump would do should he get into power, probably not even himself," said Joshua Mahony, market analyst at IG. "It is that uncertainty that is driving the market negativity that has dominated this week."
Some encouraging news on the U.S. economy did keep the market higher most of the day, but the gains faded in the last hour of trading. Traders did not want to hold positions into the weekend with the election and retreated to their usual hamlets of safety: U.S. government bonds and gold.
U.S. employers added a solid 161,000 jobs in October and raised pay sharply for many workers. The Labor Department's monthly employment report Friday sketched a picture of a resilient job market. The pace of hiring has been consistent with a decent economy. The unemployment rate fell to 4.9 percent from 5 percent. And average hourly pay took a big step up, rising 10 cents an hour to an average of $25.92. That is 2.8 percent higher than a year ago and is the sharpest 12-month rise in seven years.
"This is really good for the U.S. consumer, especially as we head into the critical holiday shopping season," Scanlon said.
With the election coming up in less than a week, the October jobs report is likely to give the Federal Reserve enough ammunition to raise interest rates at its December meeting, economists said. Fed policymakers ended a two-day meeting on Wednesday where they decided to hold rates steady.
"It seems that the only remaining obstacle to the Fed hiking in December would be a significant adverse financial market reaction to the U.S. presidential election," said Chris Williamson, chief business economist at IHS Markit, in an email.
In company news: GoPro, the maker of wearable cameras, lost 78 cents, or 6.5 percent, to $11.16. The company reported a 40 percent drop in revenue in the quarter, and gave a negative outlook for the holiday season. Like Fitbit, GoPro is showing signs of being unable to expand the audience for its product line. The stock did recover part of an earlier loss.
In energy, benchmark U.S. crude oil lost 59 cents to $44.07 a barrel on the New York Mercantile Exchange. Brent crude, the international standard, declined 77 cents to $45.58 a barrel in London.
Heating oil fell 3 cents to $1.43 a gallon, wholesale gasoline fell 4.5 cents to $1.38 a gallon and natural gas futures fell less than 1 cent to $2.767 per 1,000 cubic feet.
U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.78 percent from 1.81 percent the day before.
The euro rose to $1.1117 from $1.1109 and the dollar rose to 103.13 yen from 102.99 yen.
Gold rose $1.20 to $1,304.50 an ounce, silver fell 5 cents to $18.37 an ounce and copper rose 2 cents to $2.27 a pound.
Well the jobs report this morning seems to be a dud as the futures just yawned at them it appears. I remember in the old days we'd see 10-20 point moves in one direction or the other just shortly after the 8:30 am report was released. But this morning we are barely up. Today doesn't look like it's going to do a whole lot of nothing at this point. The 60 minute MACD's here are under zero still but don't act like they want to go above it as the hit it and rollover. The 3 hour charts are climbing up from -7.5 to -5.0 right now and the 6 hour chart is trying to turn back up.
This all looks to me we'll have a choppy day that should close green but I don't see any huge rally starting. There's just nothing to suggest some squeeze to start. I don't see anything but chop around this low area in the morning and possibly a little stronger move up late in the day as traders cover short before the weekend. I'd lean toward them drifting down a little lower in the first half of today and then back up to close green late in the day. Charts are mixed with no clear direction. Any strong rally up at this point doesn't look like it will start until next week.
My thoughts for today... take it off. We could go up or down today but I don't see any clear high odds alignment for a long or short. Moves will probably be small up's and small down's leading to just chop, and for most people that's just isn't worth trading. Later in the day we might see a more bullish move but this just feel's like a market that wants to close out the week down near the lows. It's all about the elections at this point it seems...
The futures are up slightly this morning as it keeps riding the green falling trendline down and bouncing off of it. The move up also has broken out of the falling wedge on the futures, which generally means another drop is coming to backtest the breakout, which would be at a lower level if it happens. It also "usually" happens early in the day, like right after the open... and then it turns back up and rallies the rest of the day. If for some reason it rallies early instead it will open the doors for a late day sell off that has higher odds of going much lower then it would in the morning. Remember, as time passes by the falling trendlines go deeper.
What I see on the technical side is a 60 minute chart that will be overbought by midday or so, but the 3 and 6 hour charts are pointing up nicely. They could provide the strength to keep the early backtest from happening. The bulls would rather dip this early to have better strength on a rally. The bears would like to see a straight shot up to the FP on the SPY where the bulls will be exhausted with overbought charts everywhere allowing for another big drop to lower lows to happen shortly there after.
My thoughts? I'm a little mixed on how this is going to play out but if I just think about how it should be done based on the coming news events I'd go up early and down late today to make a slightly lower low and red close. Then I'd use the Non-Farm Payroll report (now called "Employment Situation") to create the strong rally. Then I'd continue it all day Friday and into the election where the FP could be hit to top out the bounce and allow another move down after the election. The charts can support this scenario as well as I think they can provide enough support to push the futures up early in the day and not allow it to rollover until later near the close.
I could see a push toward that falling trendline pointing to 2115 today, but I'm not sure if it will get that high or not? I guess it will based more on how much time has went by as the longer it takes the more the charts get extended and possibly overbought. However, that's probably too high for today as there's a lot of trapped bulls just overhead in the 2102-2107 area, so I wouldn't expect a lot today. It's still mixed chartwise. Odds are good for one more shakeout move down at some point today. Whether that is early in the day or late in the day I'm not sure. I'd do it going into the close but I'm not SkyNet so it might have other plans. However, if we close red today I think we'll see a nice up day on Friday from the NFP report.
Looks like we should rally some today. I got yesterdays' call wrong thinking we'd chop around while waiting on the FOMC meeting today but the market took a nose dive instead, tagging and piercing the 2100 level. I guess you can't get them all right, no matter how hard you try. For today it looks like it's setting up to rally. With the FOMC meeting at 2pm we might see some chop in front of it but both the ES Futures and SPX Cash are oversold on their charts and look ready to turn back up. The SPX is lagging behind and might not turn until closer to the meeting, which again leads me to think we'll have some chop in front it... like maybe a small wave 1 up and wave 2 down, and then the wave 3 (or ABC waves with the 3 being the C) up into the close.
However, I don't think the selling is over with for the week. While we might not take out 2100 again, as it looks pretty strong now with its' double bottom test yesterday, the Employment Situation (formerly called the Non-Farm Payroll Report) is another market mover and might cause another move down if we rally up in front of it and hit the FP on the SPY from Friday. Of course if we are still in chop mode just dancing around this current low range going into Friday morning then the opposite would be true as it might then be used for a rally up to the FP target. We'll worry about that bridge when we get there.
The road today is still in front of us and it suggests some early chop (again, a wave 1 up and 2 down... which might be labeled "A up" and "B down") in front of the meeting seems likely. If all we get is some wave 1 up in front of it then the wave 2 down would be the move right after the FOMC meeting to shake out the longs. The the 3 up into the close. The exact nature of how the waves up and down play out aren't that easy to predict, so just focus on the big picture for today... and that is find a spot for a long into the close. There should be some pullbacks today to shake rattle and roll all the longs out, and then the move up should take us into the close.
They have already tested the low from yesterday in the afterhours/premarket session on the futures so I don't expect another test, but it still might get close. Overall the early part of today should be where they carve out a bottom while they wait on the SPX Cash to catch up... which when it does the move from it should again be up. I do not know the strength of this move today as while we aren't expecting the Fed's to raise rates in today's' meeting they still might hint at something for December which might keep the rally up kinda weak. Resistance is the falling trendline that's pointing to around 2120 area, and above that is the reddish brown falling trendline pointing to around 2132 or so. Those level would be the first targets I'd expect to give the bulls trouble at should we rally. If we drop and go through yesterdays' low again, it could get ugly. Let's just worry about that if it happens. For now let's go with today closing green and look for good spots to take a long at.
