Scott Burrill - Market Notes

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Scott's notes
Scott's Market Notes

Post-Election Levels Update

Nov 7, 2018

The uncertainty of the election is behind us and the short-term trend is decidedly up.

As the SP500 trades to the upper edge of its weekly option implied move near 2790, we will anticipate consolidation here. If the breakaway holds, travel towards 2812 is likely over the next 2 days.

Oil continues to trade within a downtrending range following recent inventories, weighing on Energy.

Failure for Oil to maintain 62.50-62.70 puts 58 into play in the intermediate term.

Lastly, a quick scan of the SP1500 reveals pockets of strength the last few days.

Failure for Oil to maintain 62.50-62.70 puts 58 into play in the intermediate term.

All the best,

Scott

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