Jack's Wrap - Tomorrow We Move On...

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We will finally be able to move on past the so called drama of how the market will be affected by the new President. The silly waste of time that too many people take part in for no good reason other than they must be bored. The market, in the end, doesn't care who or who is not the President of these United States. It always responds ultimately to the economy and the like. It's as if folks try to make sense of the market when they don't have any other way to do so thus they choose to waste weeks worth of energy exploring something that can make them feel they have the real take on things. The market feels it has known who will be President for a long time. The market has done well since last Monday and in that time nothing has changed in terms of who the world expects to win and what the polls have been telling us. There are no surprises people. The good news is tomorrow it is actually all over and thankfully we can stop hearing about this nonsense and folks will realize it truly doesn't matter who is in office. The market has done poorly and done well with both republicans and democrats alike in office. Now it's back to the real world. Finally!!!

Today was important in that we finally broke above and held above the 20 day exponential moving averages. We did so with force and confirming internals. Nothing can be said by the bears to put a negative spin on things. The volume was solid and the advance decline line very strong. If that had not been the case the bears would be able to think that today's move is not the real deal but it is the real deal folks. Just a reminder that this doesn't mean the market is out of the woods longer term. It means for now we have a buy signal in place that I've been talking about for over a week. It means the trend is higher with pullbacks along the way and to buy weakness until that buy signal should happen to get mature and start to end. Never play against the trend unless you feel you can time thing on a one minute chart. Just too tough for the average trader. Best to stay with what works. Play the trend is the best way to move this market.

We all have discovered through time as players of this game that emotion is the one thing you just can't push aside. It's always there and makes us do things we wish we didn't. I'm guilty of it and I know every one of you are as well. The emotion of the moment is how can I trust that the market is going to continue higher and this is having an adverse affect on many who have missed this entire run up. It makes them angry and anger often begets bad decisions to come. Try to be good to yourselves. I wish I had held Oih longer. We made money. You move on. You accept your decisions. The key to this incredibly difficult market we are living through is to be able to keep things in your favor. Ask yourself, are you losing money? We are definitely not losing money throughout this entire bear. Are we making money? Indeed we have. You can' be perfect and if you are making money and not getting buried over the past 13 months, feel grateful and happy and give yourselves a break. Hard will probably get harder in time and we'll deal with it. Take this game one day at a time so if you missed this day or many others over the past week, know there will be other days and so you must be calm and approach each day fresh and as unemotional as possible, especially the absence of self anger.

So we are cleanly through the 20's and theoretically that means the 50's have a chance to come in to play and they are decently higher levels. Anything can come along and ruin the party so we don't just live for that occurrence to take place. We adjust to what comes our way but for now we have to look at what's next and from a technical perspective, the 50's are next up. That would be 1064 Sp. That would be 1916 Nas but we know there is nasty gap resistance at 1900. That area would be very difficult resistance. So let's try to dance our way up to those 50's if we're fortunate enough. It doesn't mean up every day as we traverse up that way. It means stay the course with the signal in place for now. If I see a change in that signal you'll all be the first to know.

Peace

Jack

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