I think the market is smart. We need to read its psychology. I received countless texts, calls and DM's about this election year and the potential results. Well its tough. I have many friends on both sides of the spectrum and some of Biden's and even California's tax plans is really important to understand.
While it would potentially take years and months to implement and Republicans are anticipated to control Congress and a decent control in the Supreme Court. This is important in providing the Check's & Balances in our Primarily Two Party System. (I see you Green & Libertarian Party).
Thus far we are in a consolidation phase. It is hard to call this pattern a rising wedge...which often leads to a bear reversal. Is that something we are going to see under Biden? Or do we predict one final big run in the market and if Biden win's we can potentially see huge sell off's prior to the execution of his tax plan. Its a big WHAT if scenario.
I will be very honest and say I am not to sure about who is going to win. Biden looks to have the advantage with the various votes coming in at the last minute. I'll leave conspiracies and my personal political values on the sideline.
Chart Wise:
We set two Lower Highs.
Two Higher Lows.
Consolidation theory makes sense considering the election year.
IF we want to hit a big final push into HH...which seems a bit insane in this market, but potentially possible if Trump wins. The amount of people who have sat sidelines cash and waiting for a Orange Hair win is quite large. I know real estate developers and investors who told me if Trump wins they will go full steam ahead in their developments and acquisitions. So can this be a big driver for people who have money? Maybe.
I also heard of many saying they will pull out of the market if Biden wins and slowly decrease their ownership of stock to preserve portions of their wealth.
What is MOST important during this time is to BUY LOW & SELL HIGH. Be patient. Try not to touch anything at ATH's. The best posture is a defensive one. That being said I opened position around the time of the second lower high. It was a easy trade that benefitted me greatly in the last two days. So if you are willing to take a little risk try and enter as close to the bottom of the symmetrical triangle.
Again, these are all my personal opinions and not professional advice. Do your own due diligence and trust your own gut. If you have any other perspectives please let me know! I would like to continue to educate myself and see how other trades think and perceive the markets.
Thanks again. Stay safe & Happy Hunting!
Reg.
While it would potentially take years and months to implement and Republicans are anticipated to control Congress and a decent control in the Supreme Court. This is important in providing the Check's & Balances in our Primarily Two Party System. (I see you Green & Libertarian Party).
Thus far we are in a consolidation phase. It is hard to call this pattern a rising wedge...which often leads to a bear reversal. Is that something we are going to see under Biden? Or do we predict one final big run in the market and if Biden win's we can potentially see huge sell off's prior to the execution of his tax plan. Its a big WHAT if scenario.
I will be very honest and say I am not to sure about who is going to win. Biden looks to have the advantage with the various votes coming in at the last minute. I'll leave conspiracies and my personal political values on the sideline.
Chart Wise:
We set two Lower Highs.
Two Higher Lows.
Consolidation theory makes sense considering the election year.
IF we want to hit a big final push into HH...which seems a bit insane in this market, but potentially possible if Trump wins. The amount of people who have sat sidelines cash and waiting for a Orange Hair win is quite large. I know real estate developers and investors who told me if Trump wins they will go full steam ahead in their developments and acquisitions. So can this be a big driver for people who have money? Maybe.
I also heard of many saying they will pull out of the market if Biden wins and slowly decrease their ownership of stock to preserve portions of their wealth.
What is MOST important during this time is to BUY LOW & SELL HIGH. Be patient. Try not to touch anything at ATH's. The best posture is a defensive one. That being said I opened position around the time of the second lower high. It was a easy trade that benefitted me greatly in the last two days. So if you are willing to take a little risk try and enter as close to the bottom of the symmetrical triangle.
Again, these are all my personal opinions and not professional advice. Do your own due diligence and trust your own gut. If you have any other perspectives please let me know! I would like to continue to educate myself and see how other trades think and perceive the markets.
Thanks again. Stay safe & Happy Hunting!
Reg.
Thoughts? The VIX looks like it might signal a drop on the SPY