Morning Market Briefing – Now We Wait

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Morning Market Briefing – Now We Wait

Morning Market Briefing

Morning Market Briefing – The Day After

November 4, 2020

Heads up! Two Roads Trading and SCTrade have new live trading schedules. You can catch SCTrade from 9:30-10:30 am and 1-2 pm Eastern, Monday through Friday. You can catch Two Roads Trading from 2-3:30 pm Eastern, Monday through Friday.

As the votes are still being counted, the markets will open this morning without a clear winner in the presidential election. The markets will keep an eye on results as the come in, so be ready for potential intraday swings as the path to 270 emerges for each candidate. Once a winner is known, either today or later, expect the markets to turn attention back to the various COVID numbers, both domestically and internationally. As these numbers influence continued or new quarantines, expect the market to react. The “connect us” stocks, like FB, ZM, WORK, etc, will continue to see more eyeballs than usual watching them with each country

Both the SPY and the QQQ showed some strength yesterday, with both poised to open near or above their 50 day moving averages. Big Tech and COVID related plays continue to capture trader’s interest, with many looking for a gap up at the open.

SPY held it’s gap up yesterday morning, flirting with the 50 SMA before coming in at the close. Another run at the 50 will be what we’re watching today.

The QQQs were a little weaker than the SPY yesterday, but could be poised to outpace most indexes heading into the post election trading, as attention will be back on the “tech that connects us”.

Watch List

Symbol Why We’re Watching
NFLX COVID Play, could see uptick in subs with whole countries back into lockdown
ZM Similar to NFLX, what few workers that had returned to the office will likely be moving back to the wonderful world of online meetings
PTON New products and new competition from AAPL
WORK Well off it’s recent highs, watch for a possible ‘base and bounce’ off a $25 double bottom
UBER Large gap up on a win for prop 22 in California

Upcoming Earnings

Symbol Date
ACAD Today
BABA Today
GDDY Today
HR Today
UMH Today

Upcoming Event

Why Smart Money Trades Spreads

November 5th, 4:30 PM EST

In this presentation, David Lerman of the CME group will cover the basics of trading inter-commodity spreads in the futures markets. You will learn the advantages of trading spreads, margin considerations, and margin offsets. Spreads to be discussed are: S&P 500 vs. Russell, WTI Crude vs. Brent, and Gold vs. Silver. Futures spread trading can be a powerful tool to add to your trading arsenal.

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