Initial results from midterm elections in the US point to Republican control of the House, with the deciding vote in the Senate hinging again on Georgia, writes Ian Murphy of MurphyTrading.com.
The possibility of a deadlocked government in the US coupled with ballooning job cuts in the tech sector has markets in risk-off sentiment this morning.
Click charts to enlarge
The Help Strategy offered a ‘bull trigger’ on Monday as the Pessimism indicator fell back into the channel (dashed green lines). 900 shares were purchased in ProShares Ultra S&P500 2x Shares (SSO) with the stop and targets shown above on the right.
The new 52-Week Strategy may be edging closer to re-entry as the indicator ticked up again in yesterday’s session. It’s early days yet, but I believe we are closer to an entry trigger than we are to the last exit. The video of this strategy is being processed and will be uploaded soon.
Learn more about Ian Murphy at MurphyTrading.com.