Hi all,

The markets had their best week of the year after the US election results were known. Trump and the Republicans did better than expected in what was touted as a close race that could go either way. The pollsters were off on their predictions again.

Investors and traders piled money in the markets in hopes of company tax cuts and less regulation, which should lead to higher corporate profits. As usual, a lot of promises were made during the election. The big question is what will be acted on and what will be forgotten.

Regardless, everyone is expecting the market party to continue into the end of the year. A lot of companies buy back their stock in November which will likely support prices as well.  There is no reason to think that this market will pull back significantly any time soon. 

Cheers,

Brian

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Sectors in Play Last Week

Industrials and Consumer Cyclicals were some of the biggest gainers this week.

Utilities and Consumer Staples gained the least on the week.

Key Levels for this Week

• DOW (43,989) – support 43,300 and resistance 44,400
• QQQ (514) – support 500 and resistance 520
• SPY (598) – support 585 and resistance 605
• IWM (238) – support 228 and resistance 240

What to Watch for this Week

• Monday – Bond Market close for Veteran’s Day.
• Tuesday – nada
• Wednesday – 8:30 CPI data
• Thursday – 8:30 Jobless claims and PPI data
• Friday – 8:30 Retail sales and Manufacturing Survey: 9:15 Industrial Production and Capacity Utilization

Earnings this week

• Monday – ZETA post
• Tues – SHOP, HD, PLUG pre and SOUN, CAVA, SPOT, OXY, MARA post
• Wed – HUT8, HIVE pre and NU, CSCO post
• Thurs – DIS, JD, BILI pre and AMAT post
• Friday – BABA pre

Positions and Trades Last Week

• ABCL – from the watchlist – stopped out flat – and did not get the price pop that I had expected.
• CRWD – Long under just $300 and got a nice breakout. May sell a little more on this move up but still looking for higher.
• TD – long now with the first round of calls expiring worthless – sold more upside calls.

Tracking for Potential Trades

• IBIT – bitcoin breaking out.
• XLU – long potential if yields start to drop more
• ETH – Ethereum trade as well
• BABA – potentially short but reporting on Friday so be careful.

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor, or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed financial and tax advisors to determine the suitability of any investment.