W. Rally Fades
Another quick spurt on the “concession” from Gore lifted the market off its session lows before a reversal took place, re-establishing today’s downtrend.
One of the key factors in today’s session will be the expiration happenings. The expiration comes on Thursday and Friday, and in the course of normal trade, we typically rally over the next three sessions. However, with the political overhang, it remains to be seen if we will be able to garner strength into the weekend.
Regardless, we expect a rally in the afternoon today. We are currently looking for a trade to the 1410 level before today’s settle. However, any trade below the 1385 level will render this trade dead.