• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing

The Surprise Market

Many were anticipating a very weak market into the uncertainty of the election.
By JAMES "REV SHARK" DEPORRE
Nov 02, 2020 | 10:54 AM EST
Stocks quotes in this article: OCUL

It has often been said that the stock market will do what it can to frustrate the most people possible. There are plenty of exceptions to that aphorism but the action today is a good example of catching folks by surprise.

After the very poor action last week, many, if not most, market participants were anticipating a very weak market into the uncertainty of the election. Technical conditions are poor with some key resistance falling and momentum working in reverse. Fundamentals have been ignored and the selling has been correlated.

That sounds like a recipe for more downside but so far the gap-up open is holding. The S&P 500 is hitting intraday highs and breadth is robust with around 5700 gainers to 1500 decliners.

This is a classic bear trap and it forcing some folks to do some chasing to try to add long exposure, but we still have to wonder if it can continue into the election.

One theory is that the market is anticipating that there will be a clear resolution to the election quite quickly but I'm not sure I trust that spin. No election this contentious is going to end without some sort of drama.

I'm not doing anything major right now but I'm more inclined to buy favorites on weakness than I am to sell into strength.

My Stock of the Week is Ocular (OCUL) and I'll be looking to accumulate that as it develops.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, James "Rev Shark" DePorre was Long OCUL.

TAGS: Investing | Markets | Politics | Stocks | Trading

More from Investing

Wall Street Widens, but It Also Gets Messy

James "Rev Shark" DePorre
Jun 7, 2023 4:36 PM EDT

The rotation continues, but the technicals look rough.

Regional Banks Might Be Headed to Uncharted Territory

Bret Jensen
Jun 7, 2023 2:30 PM EDT

The regional banking system could now face additional regulations and congressional scrutiny in the aftermath of collapses of Silicon Valley, Signature and First Republic banks.

GameStop Earnings: Play the Game Tonight?

Bruce Kamich
Jun 7, 2023 2:09 PM EDT

Let's look at the charts of this former 'meme' stock ahead of the print.

6 Thoughts on Apple's Impressive-But-Expensive Vision Pro Headset

Eric Jhonsa
Jun 7, 2023 2:00 PM EDT

Vision Pro's specs and user interface are impressive, but it will probably take Apple some time to build a large customer base for mixed-reality headsets.

I Can Affirm That Affirm Shouldn't Be Thrown Off by a Bump or Two

Bruce Kamich
Jun 7, 2023 1:43 PM EDT

A minor pullback would not be surprising in AFRM; here's what the charts say about the recent strength and where to buy.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 07:19 PM EDT CHRIS VERSACE

    AAP Podcast: This Company Is Not Going 'Solo'

    Listen in as I talk with the very diversified Solo...
  • 01:51 PM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    Adjusting Your Trading Approach to Shifting Market...
  • 06:54 PM EDT CHRIS VERSACE

    AAP Podcast: A Tongue -- and a Market -- Twister: 'Get a Debt Deal Done'

    Listen in as the Action Alerts PLUS Podcast tackle...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login