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Daily Commentary

October 27th, 2020

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Headline News:

U.S stock futures are higher despite the continued rise of COVID-19 cases and dwindling hopes of a new stimulus deal. With the Presidential election just one week away, investors appear to fear a contested election and might be taking some money out of equity markets. One bright spot today was the  August report on home prices coming in at the highest level in two years. Microsoft (MSFT) is set to announce third-quarter earnings after the market closes today, and the report could be a clue to the health of the technology sector.

Markets:

The S&P 500 sold off heavily, closing at 3400.97, which was below the critical 50-day moving average at 3408.43. The volume was also above average at 2,423,641,856, and the RSI index closed below the important 50 level. We feel there will potentially be more selling in the coming days and have moved to a short term bearish stance. Possible support could not come in at 3399.96 and then 3354.69.

We are currently long-term bullish and short-term bearish.

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John N. Lilly III CPFA
Accredited Portfolio Management Advisor℠
Accredited Asset Management Specialist℠
Portfolio Manager, RJ
Partner, DJWMG
Windsor Wealth Planners & Strategist

 

Futures trading is speculative, leveraged, and involves substantial risks. Investing always involves risk, including the loss of principal, and futures trading could present additional risk based on underlying commodities investments.

 

The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and changes of price movements.

 

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S stock market. Past performance may not be indicative of future results. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investors’ results will vary. Opinions expressed are those of the author John N. Lilly III, and not necessarily those of Raymond James. “There is no guarantee that these statements, opinions, or forecast provided herein will prove to be correct. “The information contained was received from sources believed to be reliable, but accuracy is not guaranteed. Investing always involves risk, and you may incur a profit or loss. No investment strategy can guarantee success. The charts and/or tables presented herein are for illustrative purposes only and should not be considered as the sole basis for your investment decision. International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets.

 

This is not a recommendation to buy or sell any company’s stock mentioned above.

 

The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the nation. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home resales. Condominiums and co-ops are excluded as is new construction. Note that forecasters, in line with recommendations from Standard & Poor’s questioning the accuracy of seasonal adjustments, track both seasonally adjusted and not seasonally adjusted monthly data for this indicator

 

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