200 Day Bounce Holds, Copper Explodes, Yet Nobody Wants To Buy

The damn near perfect bounce we had off the 200 day moving average on the S&P 500 holds, yet nobody wants to buy. If you ignore the political noise and look at the technicals, things look pretty bullish. Just today, we recovered the 100 day & 50 day moving average. Have a look:

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The real story is copper. On the surface, this is not a market you want to short, despite what everyone is saying. Take a look at one of the oldest bullish indicators around, copper, via $JJC:

Congrats President Trump. Let’s make America great again.

Crude oil futures just flipped green here, and now trading back above the $45 level. We went long $UWTI, the triple long oil ETF,  this morning inside the trading room in Exodus. Here’s a short term view of the recent price action below. As a bull, I want to see $45 hold:

Within the first 15 minutes of trade, here are the top performing industries in the US Market. Healthcare, Gold, & Steel are leading the way this morning:

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#MAGA

It’s like the Brexit all over again. I’m so tired of hearing that, but take a look at the action in the futures market as Trump takes a surprise lead in the polls. In my opinion, Trump is the next president. The future has spoken:

I’m sure Snoop Dog and friends are quite pleased. I can’t imagine the celebrations that will go on in the Golden State. Expect the Marijuana index to breakout here, puff puff pass for CA:

The results of five statewide marijuana initiatives on the ballot Tuesday night could make for a landmark moment in efforts to legalize the recreational drug and push toward a repeal of federal cannabis prohibition.

As polls began to close across the country Tuesday afternoon, voters in California had legalized the growth, sale, transportation and use of marijuana. Results for Massachusetts, Arizona, Maine and Nevada were still trickling in.

Four other states — Arkansas, Florida, Montana and North Dakota — voted on legalizing medical marijuana, and it passed in Florida. Results in the other three states were still pending late Tuesday evening. Read More

Compliments of @SJosephBurns, who is a must follow on Twitter:

#ElectionNight ?? pic.twitter.com/VZjyqEuT4k

— Steve Burns (@SJosephBurns) November 9, 2016