Stocks Reeling from Election Uncertainty

FX:SPX500   S&P 500 Index
The S&P has whipsawed to the extreme even for this product. It has spanned 100 points in the course of several hours which is a degree of volatility on par with oil . The lack of a clear winner in the US elections is clearly to blame here, but it still seems as though the markets are betting on a Trump victory. We have miles of recounting and lawsuits, as neither side will let this one go easily. I'd stay out of the markets until this resolves. However, as we recommended before, buying at lower levels is a great idea especially if you are adding to a long term portfolio. The levels 3329 and 3343 stand out recently, but if troubles persist, we could feel out the bottom of the range at 3241. It would be very unwise to fomo into a trade at this point.

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