Market On The Move With Election Looming

2020-11-02

With arguably the most significant U.S. presidential election in generations looming, the stock market kept churning with the contest to be decided.

The Dow topped the day at 26,925.05 points to gain 1.6% (adding 423.45points on the day). After struggling throughout the session, the Nasdaq closed positive at 10,957.61 points for a .42% rise while the S&P 500 held through the session relatively flat with an uptick of 1.23% to 3,310.24 points.

Both presidential candidates were out Monday barnstorming with promises for the future while pundits, fund managers, and everyone at the office water cooler laid out predictions.

One thing is for sure, the stock market will continue forward even as the election outcome is debated through the final hours of election day Tuesday… and beyond.

Monday was churning in the market without a lot of “extreme” action. Simpler’s traders were either watching the market while staying in cash or searching for opportunities to “dive under the water” of any sudden market volatility.

Any setups were checked against risk with some trades in play considered “lotto” style trades that extended beyond election day. Otherwise, traders were sticking to more conservative plays — if any — that stayed within risk parameters.

All eyes in the trading world — and likely the entire world — will be watching election results. Tuesday may present an opportune time to sit back and watch history unfold.

Whatever transpires on election day, expect the market to open again the following day, even if no clear presidential winner is decided.

We’ll be watching for anything “off balance” that highlights a play no matter how the market swings.

It should be an exciting time to follow how the market reacts and what opportunities it presents in the days ahead.

We Saw: The stock market churning on — 

  • Big tech sluggish, pulling against the Nasdaq
  • Election uncertainty looming
  • Big city businesses boarding up doors

We’re Watching: With a little “trade-cation” in mind —

  • For reasons to kick back and watch election results
  • Not changing trading plans until election decided
  • For big tech to regain its footing