Market Update for November 7, 2018
In Today's Update:
1) Apparently the markets like the idea of a split Congress as U.S. Equities celebrate the midterm election results with a huge rally. The Dow Jones Industrial Average gained 545.29 or 2.13%, the S&P 500 added 58.44 or 2.12% while the Nasdaq 100 closed higher by 194.79 or 2.64% and the Russell 2000 finished higher by 26.06 or 1.67%.
2) U.S. Crude output hit a new record while stockpiles continue to rise resulting in another drop for Crude Oil futures Futures while Gold Futures managed a small gain on weakness in the U.S. dollar. The Bond market was flat again today and the yield on the 10-year treasury note edged higher to 3.228%.
3) A surprise announcement from the White House led to strong gains in the Cannabis sector today. Attorney General Jeff sessions, who has always been against the legalization of marijuana, was asked to resign. This caused a surge of buying in cannabis-related stocks during the last hour of trading. Tilray Inc. (TLRY) was the biggest gainer jumping $32.74 or 30.64%.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
