November 9, 2022

Markets:

Stock futures were slightly lower — following recent market gains — as results of the midterm elections provided no clear answers about who would control Congress yet.

Stocks are coming off three-straight days of gains into the election, where Wall Street was expecting Republicans to gain ground and block any future tax and spending plans. The Dow climbed 333 points on Tuesday for its third-straight session of gaining more than 1%.

In one of the key races that could determine Senate control, Democrat John Fetterman defeated Republican Mehmet Oz for the pivotal Senate seat in Pennsylvania, according to an NBC News projection. Oz had the backing of former President Donald Trump, whose endorsed candidates saw spotty levels of success across the country. Critical Senate races in Georgia and Nevada were unresolved.

While the election captivated market attention, investors may want to move on now as the Federal Reserve raises interest rates to bring down inflation, potentially tipping the economy into recession.

Portfolio:

We enter the new trding session holding positions in GEO, WTI, TWNK, SOFI, and SNAP.  So much noise out there in premarket due to market elections and forecasts.  Technically, we love where we are the setups that continue to emerge.  Silence the noise, follow the price activity and especailly the sectors are starting to ignite.  Nice session for us yesterday and let's continue to pinpoint opportunities and position ourselves.