For stocks & options traders, do you guys want to see a secret?

👀

$XLRE Daily Chart: (Real estate ETF)

Easiest trade all year! Falling interest rates + decent economy = possible recovery in real estate stocks

- Nick

Shhhhhh 🤫

Hint: That's not the edgefinder......

Painful one to miss... EURUSD selloff continues without me!

Going to wait patiently for a pullback. I'm bearish on this pair.

- Nick

Congrats to those that caught the move though!

USDJPY came out of extreme bearish territory in early October and is now a positive-neutral reading on the EdgeFinder. The dollar is gaining momentum on good economic data and inflation news along with the expectations of softer rate cuts than expected.

Originally, investors thought 50 bps was needed in the next meeting. But seeing an improvement in the US economic state has relieved some of the pressures from the Fed cut as aggressively. Fears of a carry trade unwind might be over now that the pair has broken above the $149 level of resistance.
-Frank

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Yesterday's SPX Bull Put Spread closed out for full profit 🏆

-Frank

One commodity that is underperforming now are oil prices after an incredible short term run to the upside. On the 1D timeframe, it looks like price made a false breakout to indicate a trend reversal as oil gets closer to the $60s price range.

Lower oil prices could mean softer inflation data in the next report although it will not affect Core CPI. Nearing the election, it seems like a lower commodity price could likely happen in the next month as well. Seasonally, November is oil's second worst month of the year according to the EdgeFinder.

-Frank

Although DOW is the strongest bull reading on the list, we are now seeing a resurgence in tech demand despite the chip scare earlier this week. The Biden administration is aiming to put restrictions on exporting AI chips to other countries to prevent national security risks, but those fears seem to have subsided.

NVDA had an ugly day on Tuesday, but the stock has sharply risen since that 5% drop. Now up over 8% from the lows of Tuesday, price nears an all time high which would be $141. With heavy focus on the chipmaker stock, we can get a good read on where the rest of the market is heading, which seems to be up for now.

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Curious about how the 2024 Elections could impact you? 🤔

Check out Nick’s thoughts here:
https://youtu.be/dmrhlNbdVy4

No matter the outcome, there will always be a trade opportunity waiting! Don’t miss out: https://shorturl.at/Lx3d9

Retail is buying more than previous months now as head near the month of November. USDCAD is the only short position from the crowd. RUSSELL is now mixed, NASDAQ is mixed and DOW too. Retail may be getting ready to short the indices now that they are at or near all time highs, but that could be a mistake.
-Frank

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Smart money loves the stock market right now while retail remains neutral. An ideal situation for sentiment would be if retail began shorting the asset while COT remained long. This would likely identify another uptrend in the market with small periods of consolidation.

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We got another boost from economic data today with retail sales at 0.4% which is higher than expected. USD gained as a result with the stock market. Gold is up nearing all time highs as well.

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Silver Daily Chart:

Dang.

- Nick

NIKKEI is the strongest asset on the EdgeFinder at +12. With a weaker yen and uncertain policy from the BOJ, the index has almost every fundamental and technical score going in its favor. The put/call ratio suggests that we are in bullish favor from traders' sentiment.

COT reports show that smart money is getting increasingly long the markets. They are also selling yen after getting an unclear picture from the BOJ who is known for being unpredictable on their decisions regarding monetary policy.

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Another bullish score is NASDAQ at +8 to start off Monday morning. Stocks began to sell off early this morning during premarket trading, but have pared most of these losses by the open. With lots of earnings this week, the market remains uncertain about this week's direction with Tesla in focus.

Next week will be a key week for tech as we have MSFT, GOOGL, META and AAPL. Because big tech has carried a lot of the weight this year, their outperformance needs to be justified with stronger earnings. An issue with these earnings reports next week is that the company will have to consistently blow it out of the water to suggest higher price moves.
-Frank

The S&P is still a strong bullish score despite retail's switch to majority long on the index. The 2 year yield rose today as well which could pressure bullish sentiment, but COT is still buying. October is still a seasonally bullish month for the index.

Markets shake this morning ahead of several earnings reports that are to come out this week. 405 are reported today alone, followed by several hundred more throughout the week. Sentiment has not necessarily changed, but the the flood of earnings could discourage investors from wanting to participate in a potentially high volatility week.

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SPX500, DAX and USDCAD are among the top shorted assets on the list. Gold is mixed with NASDAQ, NIKKEI, GU and UJ. UK100 is the top most bought index from the crowd.

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