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US Stocks Trading Way Up in Positive Territory, the Bulls are in Charge

#stocks #FAANGs #Energy #Big Tech #Cannabis #election


The NAS, Dow and S&P 500 have been and are trading way up in positive territory in the Presidential election chaos” — Paul Ebeling

The US Presidential election results are still indecisive as of this writing.

Overall, the NAS Comp, DJIA and S&P 500 futures are trading in positive territory overnight.

Energy companies, which will enjoy a lighter regulatory and tax environment under a 2nd term for President Trump, rose, with the SPDR S&P Oil & Gas Exploration & Production ETF up 2.3%.

Stocks of solar energy-based firms, which rose in anticipation of Joe Biden and the Democrats faring well, fell, the Invesco Solar ETF dropped 3% after climbing more than 40% since the 24 September lows.

Another instrument representing the developing sector, the iShares Global Clean Energy ETF, fell 2%.

Major cannabis producers rose after the VP debate, when candidate Kamala Harris said marijuana would be decriminalized at the federal level under a Biden Administration.

The ETFMG Alternative Harvest ETF slipped 1.9%, it is on track for its worst days in nearly 2 months.

Shares of cannabis producers Tilray, US listings of Canada’s Canopy Growth, Cronos and Aurora Cannabis, dropped between 3% and 6.3%.

Big tech companies, which have benefited from President Trump’s soft stance on regulation, as well as a tax cut that targeted US big business, rose, with the Invesco QQQ ETF and Technology Select Sector SPDR Fund both up 2.3%.

The FAANGs Facebook, Apple, Amazon, Netflix and Google gained around 2.3% each Wednesday.

Wednesday, the benchmark US stock market indexes finished at: DJIA +367.63 at 27847.60, NAS Comp +430.21 at 11590.71, S&P 500 +74.42 at 3443.58

Volume: Trade on the NYSE came in at 995-M/shares exchanged

HeffX-LTN’s overall technical outlook on the major US stock market indexes is Bullish Very Bullish bias.

  • NAS Comp +29.2% YTD
  • S&P 500 +3.6% YTD
  • DJIA -2.4% YTD
  • Russell 2000 -3.2% YTD

Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the FOMC Rate Decision, and preliminary Q-3 Productivity and Unit Labor Costs Thursday.

Have a healthy day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.