Monday’s gap and go day, took me a little by surprise. The market had all engines fueled up, but the first hour was not really the big volume, that came in at 2:30 and finished the day strong. Both the NYSE and Nasdaq put in accumulation days, which is impressive for the bulls, we pulled back on light volume and now resume upside on heavier volume.

Crude closed higher on the day by 88 cents to clear $60 and close at $60.02. Some violence in the Nigerian region fueled some concerns over supply. Gold closes down after last weeks big run up this is good so it doesn’t become overbought. Down $1.30 on the day to close at $627.90.

Going into the election the market has gridlock (split house and senate) priced in the market. So unless the republicans or democrats take control of both the House and Senate the market will get what it wants. If the market doesn’t get the split and the republicans take both, the consensus on Wall Street is the market will short term rally. If the democrats get control of both a short term correction is said to be the plan. I think we will see SOON and all I can say is lets hope the volatility stays around, regardless of direction.

Tuesday I am looking for a quieter market and smaller range day. Monday’s impulsive bullish day should remain the bias until after the election, then we’ll have to see who controls what to get the short term outlook. So going into Tuesday expect quiet trading and even lighter volume, but with a bullish bias. Let’s hope not another gap and go day, but an opportunity to trade!

Some earnings for the week of November 6 – 10: Tuesday pre market – BZH, BIOS, DISH, GDP, IGT, NT, SCHN, THC, TEVA, WCI and after the bell – BBBB, CPE, CECO, CTIC, JCOM, OSIS, TRLG, WYNN. Wednesday pre market – BRL, BCRX, CVC, DYN, FD, HGSI, RL, SIRI, WGL and after the bell – CELL, CSCO, ERES, NAPS, SNIC, UTSI. Thursday pre market – FS, HANS, JCP, KG, KOSP, TOMO, TOPT, TPTH, TXU, URBN, and after the bell – AIG, BRKS, ECLG, DIET, ENER, EXPE, KSS, SNDA, DIS, WFII. Friday pre market – IAG.

Economic Data for the week of November 6–11: Tuesday 15:00 Consumer Credit, Wednesday 10:30 Crude Inventories, Thursday 08:30 Export Prices ex-ag., 08:30 Import Prices ex-oil, 08:30 Trade Balance, 10:00 Wholesale Inventories, Friday no data due out.

ES (S&P 500 e-mini) Tuesday’s pivot is 1381, weekly pivot is 1373.75. Monday’s gap and go left the first hour impulsive and the rest of the day a bit boring. Intraday Support: 1381, 1377.75, 1375.50, 1372.5, 1368.75. Resistance: 1384.75, 1386.50-1387, 1388.75, 1390.50 and 1395.25.

INDU (Dow) closed +119.51 at 12105.55. Support: 12057.90, 12022.60, 11997.50, 11965.47. Resistance: 12123.80, 12134.80, 12117.71, 12221.60.

Good trading to everyone.

Teresa Appleton has traded equities and options for nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For more information about Teresa and the training she offers stock, options and futures traders, click here.