November 10th, 2016 Watch-list
Hey gang! Another CRAZY day in the market with the DJIA gaining triple digits despite the fact futures were down over 800 points at one point following the election of Trump last night. Trying to predict the direction of the market at this point is becoming more and more difficult. We may very well see some back and forth movement for a few more days before things finally settle down. With that said, if we do have another day or two of big gains, we'll look to jump on some inverse ETF's for an eventual market pullback. DJIA daily chart below with key support and resistance.
Current Plays on Watch:
USO/GUSH/UWTI: Strong move today on both GUSH and UWTI as oil rallied higher with the market. At this point, GUSH has hit and broken both profit targets listed. For those who were able to secure profit, great trade! For those still in, I'd look to kick in a trailing stop of 3%-5% to reduce your risk. As for UWTI, we were able to go up and break above $20, but we ended up closing below it. That will be the next key break for this one. At this point, if in, look to move your stop loss up to within 3%-4% of your entry price to reduce risk. Hopefully both of these trades will turn out to be winners! All 3 charts below for review!