Tomorrow won't matter either. Nothing will matter much, trading-wise, until we know what direction the US will be taking for the next 4 years. Not only do we not usually get such a stark contrast in political viewpoints to vote for but also this is such a critical (and precarious) time for our economy so it's not all that surprising that we've had some wild gyrations leading up to this event.

However, not that for all these ups and downs, we still haven't failed the September lows – other than the AppleDaq while the NYSE, our broadest index, has been making some good progress, matching the S&P and Russell to hold roughly 2.5% above the Must Hold line while the Dow and Nasdaq are below theirs but holding their 200 dmas – for now.

Notice how the indexes ran back to our bounce levels but were soundly rejected there on Friday, where I warned Members in our Morning Alert:

Let's keep those strong bounce lines in mind – we got 3 of 5 but not impressive until 5 of 5 as the goals were not very high-bar:

■Dow - 13,170 (weak), 13,300 (strong) – now 13,267
■S&P - 1,418, (weak), 1,431 (strong) – now 1,433
■Nas – 3,010 (weak), 3,050 (strong) – now 3,026

- Phil

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Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)

© 2012 Copyright PhilStockWorld - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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