1. The NASDAQ 100 (QQQ) rebounded yesterday afternoon from the sharp sell off that started on September 2nd. Many of the cloud software stocks (IGV) lead the tech heavy NASDAQ 100 into positive territory. There is a lot of chatter that Europe will be locking down again due to a second wave of the coronavirus. So many of these cloud software stocks surged on this news.
2. The election is just 41 days away and there looks like a lot of political game playing can go on. Either way, a cautious stance should be taken over the next few weeks. If we have learned anything from 2020 it is to expect the unexpected. We'll probably rally up to the election. Cycles say Biden won't even make it to the election.
3. Gold also rebounded yesterday off of the lows showing that it is resilient right now. The chart pattern for gold is still very solid at this time.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He successfully managed money for a large, affluent private client group. Nick is an expert in Technical Analysis. He is a highly regarded and accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. After applying his knowledge to his client base and meeting his personal monetary goals, he decided it was time to begin teaching those interested in learning his trading and investing methodology. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.com and realize his dream of educating others about the truth of the markets. He now co-heads the education department at InTheMoneyStocks and enlightens thousands of members, along with providing consulting services to hedge funds and institutions.