Another volatile week and another volatile day in the markets. The DOW traveled 1252 points today alone. With a morning selloff, then a rebound to new daily highs and in the last 30 minutes the market sold off hard into the close ending at the lows for the day. Many traders do not want to hold risk overnight much less the weekend including myself. The SP closed near supports around 875, now everyone will have the weekend to ponder if can continue up from yesterdays classic reversal. My only issue with yesterday was it looked too text booked style. We shall see if we can continue up next week.

There did not seem to be any news as a ctalyst for the reversal so this seems to be a pure technical reversal, almost too classic of an example.Now the market must show some strong upside follow thru, this does not need to be another 1 – 2 day pop! After breaking the October lows on the major indices huge buying came into the market as institutions appeared to be willing buyers. At the end of the day the DOW was up over 550 points. The range during the day for the DOW was over 911 points. You could see the intraday collapse and buyers pulled their bids as the market washed out the lows. Within about 20 minutes of the break, the largest volume spike of the day appeared and this marked the low of the day. What immediately followed was a V type bottom intraday and huge volume began to come in as the market never looked back rallying some 900 points.

It was another bad day in the markets (if you were long), with commodity and financial stocks selling off in an all day downtrend from the open. Citigroup fell below $10, GS was down over 10, GE was down over 8.5% and AXP was down over 10% at one point. GS and GE shares were both purchased at much higher levels one of the best value investors of our time, Warren Buffet. His style obviously does not use tight stops.

This morning Citigroup announced they are going to rework $20 billion in mortgages. Fannie and Freddie, the largest mortgage companies in the US, announced a new loan modification program that can cut the monthly payments for those that are at least 90 days delinquent. The plan would reduce monthly payments for borrowers by reworking the principle to be paid at a later time. The efforts by the government and by lenders to put a floor under the housing market is considered by many as crucial to stabilizing the economy.

The group ended the week with a positive gain of .80% as Ross wins Gold with a 11.81% increase with his Short pick CCL. Peter claimed the Silver spot with entering his trade on Friday and closing out at end of day for a 5.6% winner. Grant too k Bronze with a 4.52% gain on his QID trade.Spectator Henry A continues his hot streak with another double digit gain of 13.12% and earning another 20 dollar credit. Max also earns a 20 dollar credit with his pick of TTES.Congrats to this week’s winners!

Hello from NY where Alex and I have just completed a great work session covering many topics about SpikeTrade. In a few minute we will be toasting and clinking glasses here at the campers meeting and talking markets. Hope to see a few of the spikers here in person or by remote.

The top picks have been added to the members home page. Please take a look as we continue to add new features each week.The major market indices moved up early and finished near their highs, lead by energy and financial stocks. The markets will be able to focus on what impact the new leadership will have on our economy. The markets do not do well when there is uncertainty. The few days have shown some positive signs, but this continues to be a bear market and bear do not typically die in a few weeks. Continue to stay vigil and use sound money management.

The DOW traded in a 155 point range today. One of the narrowest days in months.NL dropped to under 100 as the NH_NL reverts back toward the 0 level. The VIX dropped to the low 50’s and this seemed like low volatility. When you are use to travelling at 200 miles per hour and hit the brakes and slow to 50mph you are going to feel as though you came to a screeching halt. The pullback needs to be on decreased volume and lower volatility.Tomorrow is the big election day and many are looking for the biggest turn out in history for this vote. It will be interesting to see the market’s reaction afterward. It appears most are discounting a turn of the tables and a political shift in Washington.