I had a strong sense that tech was on the verge of making a comeback because I felt like President Joe Biden would step aside, and tech is up big time to start the week.
Donald Trump will really want the stock market to go up when and if he’s the next president, so I don’t think he’ll be as restrictive with chip stocks and China.
So tech stocks are booming this morning with the Nasdaq up 1%, the S&P 500 up 0.6% about an hour before the open.
The Dow is largely flat, but that doesn’t mean we won’t see some follow through, and we should see a big gap up on the open.
We have some major earnings this week, including more financials and Tesla (TSLA) and Google parent Alphabet (GOOGL) after the close Tuesday.
Crude oil is breaking down, so I’d be careful with energy stocks.
I’m hoping to see gold turn around. If it doesn’t, then it could be about to fall back within range.
So two warning signs there for oil and gold…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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