Quick Note: Wild day with big swings in both directions. The indices closed higher but so did the VIX - often sign a warning. With that said, tonight is the election so we simply need to take a step back and see how things unfold tomorrow. Also keep in mind that we have the CPI report on Thursday morning. With this backdrop, less is more (focus on just a few things and do them well).
Today, the action was centered around the Crypto market which came under heavy selling pressure with FTX Token (FTT) plunging. Amid the brutal crypto selloff, Sam Bankman-Fried’s exchange FTX was hailed as the buyer of last resort amid the wreckage. Now rival billionaire Changpeng Zhao of Binance is buying him out. Sam Bankman-Fried's Alameda Research appears to be on the verge of collapsing - this may impact the entire crypto ecosystem. It appears the Wild West of Crypto has claimed another victim. On a positive note, the crypto space troubles seemed to buoy precious metals and miners which rallied again today.
Level to level trading here as this bear market rally unfolds. Lately, we have see a rotation form Tech (especially Big Tech) which has helped stabilize the indices within a new trading range.
Please take a moment to look at the trade ideas.