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Posted November 02, 2020

Scott Stewart

By Scott Stewart

2 Stocks to Watch Before Election Day

Welcome to todays Rude Awakening

The first trading day of the month, were looking at some very interesting activity in the marketplace.

Looking at the S&P minis futures, you can see weve been in a downward slope for two weeks now.

The last three trading days have been a battle to try and find a new level of support.

The 3,200 level has been a demarcation point, the same level weve been talking about for the past week.

We know weve found an interesting point in time on our charts when we are at a demarcation point what weve referred to as an inflection point.

3,200 Level: Springboard or Diving Board?

If you remember, its easiest to find those key moments when support levels become resistance levels, or vice versa.

This 3,200 level has been exactly that. Its been a recent level of support and resistance in this marketplace.

We are clinging to this level right now, trying to get back up above it.

Itll be interesting to see whether the 3,200 level will be a springboard to push us higher, or a diving board for us to take a much bigger fall.

Now, we know that this week is going to present a LOT of volatility, given tomorrows Election Day.

But, with all this said, there are a few stocks Im watching today, leading into tomorrows start to the election results

2 Stocks on Todays Watchlist

A favorite of mine is Realty Income Corporation (NYSE: O). Theyll be announcing earnings today after market close.

Shareholders enjoy an almost 5% dividend, and its been growing for years.

Anyone looking for steady, reliable income should definitely check out O.

Another stock Im watching today is Wayfair Inc. (NYSE: W). Wayfair is one of a select few stocks that has absolutely benefitted from the pandemic and corresponding lockdown. Zoom Video Communications, Inc. (NASDAQ: ZM) and Peloton Interactive, Inc. (NASDAQ: PTON) are two other grandaddy examples of this. Both these companies have become a verb nowadays.

Wayfair is a hub for reasonably priced online ordering, mainly focused on furniture and homewares.

Back in March, W was trading for $30 a share. In August, it got as high as almost $350 in. Lately its seen a bit of a pullback.

The main reason its on our watchlist is because W will also report earnings. Theyll do so early tomorrow morning, before market open.

As always, have a safe trading day folks.

Well talk tomorrow.

Regards,

Scott Stewart

Scott Stewart

Editor, Rude Awakening

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