SPX 3526.65. The third day above 3500.
The day was like most days of late. The market opened, then climbed a little. Most of the day was spent in a tight range chopping around until the close. On the close, the market bounced higher by another $10 E-mini points. It is almost as if people are short every day, and wait until the close to cover/close.
I suspect it is more about having to buy because too much cash is on the sidelines. They wait all day for a drop that doesn't come, and buy a chunk on the close.
Some people are NOT going to like this next one. I don't care.
It is not secret that I didn't care for Obama in his first run. I will never like a guy regardless of color if he never had a job in his life. If he has not run a kool-aid stand, how do we expect him to run the largest corporation in the world – the US?
Despite my preference for his adversary, I said that he would win and that the markets would go higher. I am saying that again. Despite the media saying Biden is going to win, Trump is going to win in a landslide and the markets are liking his low tax, low interest rate policies. Joe Biden is a wind sock which moves anyway he is told, and plans to raise taxes and come down hard on Wall Street.
The market is making a big bet Trump is going to win, (not the media, or Antifa, or anyone else) and they are placing their bets already. This too is a portion of why we seem to be going up every day. I am surprised how strong it is, but get use to it, regardless of pessimism that it is too strong.