Market Report for Oct 30 2020

 

Trade Zones:
None

Market Trend:
Sideways

Market YTD:
Nasdaq Composite +24.7% YTD
S&P 500 +2.5% YTD
Dow Jones Industrial Average -6.6% YTD
Russell 2000 -6.4% YTD

Market Volume:
NYSE Vol: 1.0 bln
Nasdaq Vol: 3.1 bln

New Positions:
None

Portfolio % of Return:
Stocks: +575.04
FX & Comms: +2.25

Comments:
A bullish day yesterday but beware, the volume was not significant so a lower move is not out of the question. The markets we follow are still below their 50MAs so nothing has changed from the prior day.

Yesterday was the biggest earnings day this quarter so far and while on the whole, the results were good, some mega-cap stocks did not see strength well after hours. This is the silly season so do not expect a logical reaction to good reports.

We continue to stand aside and if you need to, trim positions and wait for the market to find some support. The 3200-DVI zone is S&P 500 support so watch for price to move in that direction unless it finds strength soon.

Let’s go trade!