Last night’s low was 15.09 in SX. 15.06 is technical support.
I don’t anticipate much trade at all today in front of Tuesday’s election day.
Probably a good day to sit on the sidelines, or trade very small in the grains.
Crud Oil is lower today. December crud is below 85.00 a barrel. Interesting that we have a ton of resistance at 110. and good support at 80.00
If we get a break down to 80.00 in the crude, you have to buy it.
My guess they will run this stuff back up after the election.
Dow futures hang tough. Maintain longs with protective sell stops. I am less concerned about where we are today or tomorrow vs. Friday.
I still like 13,300/400 as upside targets. My opinion is the Market has priced in an Obama win.
A Romney win would give us a bounce.
Those folks betting on a sell off knee jerk reaction if Obama wins, are already short.
If they need to bail on losers by Friday, they will chase the market higher and we will get to our sell targets on the longs.
CER