MaR Oct 23 2020

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Market Report for Oct 23 2020

Focus on higher timeframes. Lower timeframes contain a lot more noise.

Trade Zones:
None

Market Trend:
Up

Market YTD:
Nasdaq Composite +28.2% YTD
S&P 500 +6.9% YTD
Dow Jones Industrial Average -0.6% YTD
Russell 2000 -2.3% YTD

Market Volume:
NYSE Vol: 843 mln (B)
Nasdaq Vol: 3.1 bln (B)

New Positions:
None

Portfolio % of Return:
Stocks: +729.66
FX & Comms: +2.25

PORT Oct 23 2020

Comments:
The noise around stimulus has been increasing while markets have been pulling back in anticipation.

We do not aim to guess what the market will do next but we use evidence presented in front of us to identify what it could do next. The market pullback, be it technical or fundamental was indicated to us last weekend and as a result, we have been standing aside. In addition, we have earnings and the election so expect noise and volatility to increase.

This will be viewed as tree shaking in the future on the charts but right now, it is a test for traders.

Have a good weekend.

Let’s go trade!