11/8/2020 Stocks up a lot more than expected this week. Looks like we are going to all time highs and beyond (somehow).

Hi everyone, stock indexes spiked unexpectedly this week, and are basically saying “we don’t care who wins the election, we just need someone to win.” Uncertainty gone = stocks up.

From a chart perspective, I don’t see much stopping the index from ripping to all-time highs and beyond. I still hate the high valuations here, even if Covid-19 didn’t exist. As a result, I’m not buying much for long term holds (still holding a medium/large sized position in MRO and small position in ODT).

Weekly chart of SPY below. It looks like the index wants to break above the trading range (rectangle).

Boeing had a nice spike this week too, which is unfortunate for me, because I want it lower so I can start a long position.

Either way, let’s see what happens next week. This could be the start of a failed breakout, which could result in much lower prices in the near term. Otherwise, I don’t see much stopping prices from going much further upwards. In other words, I’m near term bullish.

Enjoy your week and stay safe!

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