11/10/22 Elections, Winners, Losers & The News Due Out This Morning


Election workers counted ballots for a second night, and still, there’s no confirmed winner. A split congress is now the most likely outcome—Although it’s still too close to call.

Photo by Element5 Digital from Pexels

The indexes declined yesterday on the failed “red wave.”

  • Dow Jones -2.0%
  • Nasdaq -2.5%
  • S&P 500 -2.1%
  • Russell 2000 -2.7%

The selling was broad. 80% of stocks fell while only 17% advanced.

Sector Round Up

All 11 sectors ended Wednesday lower.

Leading the decline…

  • Energy (XLE) -4.9%
  • Consumer Discretionary (XLY) -3.1%
  • Technology (XLK) -2.6%

The smallest losers… 

  • Utilities (XLU) -0.7%
  • Healthcare (XLV) -1.1%
  • Consumer Staples (XLP) -1.1%
  • Real Estate (XLRE) -1.1%

Crypto Crash

The crypto market crash continued for a second day. 

  • Bitcoin^ reached its lowest level in 2 years. 
  • It’s trading near $16,400 at writing.

Any hope in market stability vanished when Binance walked away from a previously announced deal to acquire FTX.

  • Our projected bottom is between $4,830 and $22,700
  • There’s an important lesson for crypto investors … “Not your keys, not your coins” — Learn more about ownership here
  • We use and endorse Ledger.

Notable Names

Meta Platforms (META) rose 5% after announcing it would cut 13% of its staff—That’s 11,000+ jobs.

Roblox (RBLX^) fell 21% on disappointing earnings.

Disney (DIS) lost 13% of its value after announcing earnings. 

  • Its streaming losses are mounting.
  • The company’s lost more than $200 billion in market cap since March 2021.

Shares of Robinhood (HOOD) fell 13% due mainly because of its connections to crypto.

Tesla (TSLA^) fell 7% as CEO Elon Musk struggles to manage Twitter. 

  • The stock reached its lowest level in 2 years after Musk sold $4 billion in stock
  • Musk has sold more than $19 billion worth of shares this year.


Back to rising support, can it hold?

SPY Daily Candles – Chart via thinkorswim

Our bullish thesis rest on the marked rising support level. Typically markets rally after the mid-terms are settled, but the final count isn’t in.

We’re monitoring these signals closely, but the news cycle is having a greater impact than the technicals right now.


Today we’ll get the latest CPI inflation data at 8:30 AM. 

The figure could impact the market more than the election.

Unrelated to the markets … Shout out to the U.S. Marine Corps celebrating 247 years of service today. If you know a Marine, it’s appropriate to wish them a “happy birthday.”


*Low Float
^Open Position

*KLXE support at $16
*NINE on watch
SLS support at $5
ARQQ support at $9
RETA support at $38
^IMVT support at $12
NRDS support at $13
WNC resistance at $22
ELF on watch
PCVX resistance at $45
MGNX support at $5.50
^CROX support at $80
RYAM support at $6
VIST resistance at $14, support at $12
OII support at $14
IGT support at $22
GILD support at $80

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