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1. Yesterday, the major stock indexes surged higher. Volume was anemic. S&P 500 hit its 50 day mav. Today, they are stalling out or pausing from a large short term advance. Basically, the market seems to be taking a breather today. Not unusual after a good run on all major indexes. Right now it’s all about chart patterns and the election.
2. Tonight is the highly anticipated Presidential Debate. The markets could be a little quiet as they wait for the debate, but I don’t think this debate is really a big deal personally. After any debate you will just get a lot of spin and then we will be back to normal trading tomorrow. Will there be a big car wreck or a large dumpster fire?
3. Gold and Silver trading higher on futures. Both metals are acting pretty well right now. 1850 area is a huge support level. Breakout took place at $1800. Markets do like to test it’s old breakout level. It would be very bullish. Max downside is $1675.