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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.