November 5, 2024

Markets:

Stock futures rose slightly Tuesday ahead of a high-stakes U.S. presidential election.

The results could have a significant effect on where stocks end the year, but investors may want to brace for some near-term choppiness. CNBC data going back to 1980 suggests the major averages gain between Election Day and the end of the year, but typically fall in the session and week after. Uncertainty over the results could lead to even more shakiness in the market.

Beyond the election, investors await the Federal Reserve’s November rate decision due Thursday and fresh commentary from Chair Jerome Powell on the central bank’s policy moves going forward. Traders are pricing in 98% odds of a quarter-point cut following September’s half-point reduction, according to CME Group’s FedWatch Tool.

On the earnings front, Palantir popped 12% in the premarket on strong quarterly results and upbeat revenue guidance, while NXP Semiconductors fell 5% on a soft outlook due to macro concerns.

Boeing machinists voted to approve a new contract on Monday, bringing an end to a seven-week strike.

Portfolio:

It's finally here and hopefully within the next 24 hours we will have a clear and decisive winner. That would be the absolute best result for the markets. But even if we need to wait a bit, just remember the greatest runway will be printed for us to trade. We enter the session holding set-ups in TSL and SOXL. Patience once again is needed today BUT we can begin to see some large price movement if early poll number provide some insight. We'll be watching closely to see where some of the larger lots begin to trigger. Betting markets ae also super important and we will be watching this closely as well for insight.

Regardless, we have our basket of trades for each candidate as each candidate will ignite specific sectors that we can attack.

Please, remain patient today and be ready. It's almost time and please get out and vote today!