Market Report for Oct 29 2020
Prices can seem unreasonable for a long time as human behaviour dictates the direction of price action.
Nasdaq Composite +22.7% YTD
S&P 500 +1.3% YTD
Dow Jones Industrial Average -7.1% YTD
Russell 2000 -7.5% YTD
NYSE Vol: 1.1 bln
Nasdaq Vol: 3.8 bln
Portfolio % of Return:
FX & Comms: +2.25
VIX is at 40 now so and almost 7% increase during yesterdays session and the highest it has been in 94 trading days. We have been standing aside and it is just as well.
The tech sector was the worst hit but all sectors closed well in the red after the futures market started on the back foot with Germany and France preparing for renewed lockdown measures.
The S&P 500 has been holding above 3400 for a month but finally lost that level and all three indices closed below 50ma.
Right now there is even less reason to trade breakouts. Time for management and be on the lookout for new opportunities from support zones.
Be prepared if things get worse but also be ready if things get better.
Let’s go trade!