Trump and Clinton In Cage Match Tonight – SuperBowl Audience Expected

Posted 9:30 AM ET - We got a nice little rally after the FOMC last week and the move felt fake. A rate hike in December is bearish and a promise to gradually increase from there means little since the Fed can always change its mind The big debate is tonight and the press is expecting Super Bowl like numbers for this cage match. The outcome will definitely impact the polls and if Trump wins tonight we could see more market volatility SPY $215.50 will be tested today. If that level fails we will test $212 this week As you know, I need a decline to $206 before I will aggressively trade from the long side. We might not get there. Without a nice market decline, we will be trapped in a range and the market will go into "wait and see" mode If we break tech support at $215.50 I will buy some overnight puts. If we take out the 100-day MA I will add The long side has had really nice action. Once these stocks start grinding, they continue. Down days are good for us. I will wait for $215.50 to be tested. If support fails I will continue to wait. I want to buy strong stocks today. Bio tech has had some really nice winners for us If the market takes out support at $215.50 and if it looks like we are going to drift lower I will short the S&P futures for a day trade. The market is fickle and I don't want to load up on shorts and then scramble to cover if the market bounces. If we are closing below $215.50 I will take my profits on the S&P futures and I will buy some overnight SPY puts. I believe that we will get a rate hike in December and the action will be choppy until then. We normally get a nice drop in Aug/Sept and a nice rally in Oct/Nov. We did not get the drop (yet) and it looks like we might just chop around. I hope I am wrong. Use $215.50 as your guide and try to day trade from the long side once support is established. . .

Daily Bulletin Continues...