MORNING UPDATE 9:18 AM

 

The elections are finally here, buckle up, the next few days could be bumpy. Polls close at 8:00 PM in most states. We probably won’t get a feel for the results until midnight or 1:00 AM…unless there is a blowout. I’ll monitor the futures off and on throughout the night for clues. Wednesday’s initial reaction may be incorrect. The close is what’s important. I think we will know where markets are headed by Thursday.

 

-GOLD- Gold has been consolidating since Thursday’s large move. Immediate follow-through is once again missing. We will probably see a significant move tomorrow. Tomorrow’s open could potentially be misleading, I’m more interested in Wednesday’s close and to see if there’s Thursday follow-through. Buckle up; we could be in for a wild ride.

-SPY- I think the 268.12 Gap will get filled in the coming days. How that gap is filled could be telling. A move lower to fill the gap that quickly reverses higher will support a bottom at 259.85. A move that fills the gap but remains weak and closes below the gap would imply more weakness. I’ll keep a close eye on things. If a bottom becomes apparent, I’ll increase my exposure to stocks, perhaps more SSO or TQQQ.