Election Day

Well its election day and the market looks to be gapping up strong this morning as the ES futures are up 25 pts early on at a session high of 995. I'm not too excited about this move, and you better not be buying into it. I think there is a chance of a short term bounce here if we stay above the 980 level. However, I think we are bound to roll over soon as the resistance above at 1000-1020 and 1040ish is just too much for this market to absorb this fast. I could be wrong but I think the probability that you start to watch for downside swing plays are more favorable at this point. If we fail at resistance then the next sign of weakness would be a break beneath 958.

I think the market has priced in a Obama victory and regardless of who does win I do not think it will have much of an effect on the market. I'm sure some of the nuts on CNBC will find a way to argue this allll the live long day today but I don't really care. Also it should be interesting to see who gets Hank Paulsen's job come the new administration. Anywho, I'm kinda excited to stop hearing all the campaigning and slander on the political trail.

Overall, if the market sustains any rally today and closes above its opening level then we may have some follow thru coming but if not then I would be cautious on any new long swing trades. Looks like today I would say our futures trading should be biased to the upside and obey those stops traders!