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My Stock Trading Plan for November 2, 2016.

Good morning Wall Street traders! Trade them well!

I have to admit, my trading plan today is a near carbon copy of yesterday with the exception of momentum stocks (of course have changed) and oil. So this will be short!

Most days this will be out much earlier – but our war room is bustling to say the least with algorithmic alarms firing off like never before (especially with time / price cycles terminating and proving that out in market trade in crude) and the election etc… and getting our trade room up bla bla. Yup busy – so soooon I’ll be more on top of it.

Below is a link to yesterday’s trading plan (recommended read ha) and if you haven’t visited EPIC the Oil Algo’s twitter feed you should – and try and listen better than I have to it lol.

Pre-Market Newsletter ($SPY, $VIX, Oil, $DXY, $JNUG, Gold, Silver, $UGAZ…more)

Today’s Momentum Stocks

I am looking at follow through possible with $VRX and watch my twitter feed or be in room for other momo’s.

Main Focus

My main focus will be to crude (finding a bottom for new time / price cycle)… so I will be very busy on my phone FYI with crude oil traders getting a feel for their positions (not that that has helped the last few days because they have taken a beating trying to catch the knife – EPIC laughs) and I will also be watching small cap metal stocks.

Of course we have the election and FOMC to watch out for too and the oil reports this morning and rigs on Friday.

FOMC is due at 2:00 EST http://www.cnbc.com/2016/11/02/fomc-statement-earnings-deluge-in-the-spotlight-for-wall-street-us-election-eyed.html

Mortgage applications dropped and the ADP employment report wasn’t stellar to say the least.

And most importantly IMO is that (and I don’t know how many of you noticed) many YUGE traders on Wall Street (at least those in the public eye and online) had YUGE losses yesterday – so don’t buy the hype.

Watch the election momo – read my previous posts… I stand firm in that the dollar is strong but if Trump looks like he is going to win it could tank but against the MXN it will crush it… metals should rally… oil needs to find a bottom… natural gas needs to find a bottom soo and the market isn’t free (so watch out for the Fed WATCH CLOSE – oh and ya volatility – if you’re shorting (which is normally a decent play) I would think twice doing that soon – shorting volatility right now is a gamble (baccarat anyone? – BANKER!).

Ok, enough have a great day, review yesterday’s post and I’ll see you in the room. And don’t forget many of our technical issues will be sorted by Monday (read the daily room memo that updates that).

Stay blessed and bank and cut fast.

Curt

 

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