Jobs report & election takes its turn in spotlight....

Indices are under pressure due to uncertainty about election.

Jobs report for October adds to political implication.

Election takes the focus away from "normal market action"

VIX buying is furious @ much higher level 35 ?

Currently VIX @ 17.81...my question is, why so low ?

BUT ..all this is very simplistic to be bearish when major event like election is @ hand.

S&P 500 has corrected 4.83% which is awfully close to "normal pullback of 5% to 7%"

The next support in S&P 500 is @ 1350 to 1360....

Considering "election uncertainty"....that may not be far fetched.........

I think too many traders are still too "euphoric" about yesterday's winners.......

I definitely see leadership changing already......all you have to do is check "new 52 wk HIGH list"

New stocks are trickling in that list.......

Indices are making new lows daily...which is never a good thing from technical point of view......

Keep expectations low & venture into new arena where leadership may be headed......

I personally believe that indices are in the process of discounting election uncertainty, once polls are clear about winner or after election..we may have a very strong run.....

Election is few days away.......

Develop your sector strategy.....

DO..more homework for new leaders

Good luck with your OWN strategy & comfort level.

BLOG does NOT give buy or sell.

Saleem