Hello? Mark Cuban? Why is DJ30 at a new all-time closing high after Trump won the presidential election? Is your guarantee still valid? Heck, we thought it would necessarily have to fall at some point given Trump will attempt to wrest stimulus from the Fed. Sure not happening today, not at all.
It would appear the bearish patterns built August through October are giving way to optimism about the economic future? Appears that way. We wanted a drop of 500 or so points to use to take gain and buy but that dissipated and as the session continued, instead of the resistance holding stocks in check, they have steadily moved higher.
SP500 28.61, 1.34%
NASDAQ 58.35, 1.12%
DJ30 298.93, 1.62%
SP400 1.98%
RUTX 3.14%
SOX -0.38%
Bonds are selling with yields spiking. 10 year = 2.07% from 1.867%.
Metals, materials, biotechs/healthcare, industrials, financial are performing well. We did take some gain on FCX, letting half the position continue running.
Looking at WLL, VLO, Z as new positions. Closed CSCO. As for other downside, it could be there is some give back after this kind of surge, but the strength of this move is impressive, breaking trends, and thus will close some downside.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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