If there ever was a week to be anxious about the markets, next week takes the cake. Between the election on Tuesday, the post election hysteria that begins on Wednesday and the FOMC meeting culminating with an interest rate decision on Thursday, all hell could break loose in any direction. Nonetheless, key levels in in the stocks we trade couldn't care less about what causes them to be broken, whether its to the upside or downside, so we will be watching with proverbial baited breath, looking for that exceptional opportunity in whatever symbol makes the most compelling case for a new trade. Stock Indices On Friday we set out a key level in IWM that will guide any new puts and so far. no cigar. IWM The wave count shown above anticipates a downside resolution of this pattern, but it doesn't demand it. If the key levels shown begin to fall next week, assume that IWM is headed well below 200 before December monthly options expiration. Otherwise, stand aside and look to individual stocks and/or metals/bitcoin markets for any fresh opportunities. QQQ Last minute add: Bearish breakdown targeting 420 Silver Next best idea is for Silver to find support at its bottom channel trend line, which corresponds with Fibonacci support (shaded rectangle) around the middle of next week. SLV SLV generated a Divergence Buy Signal on Friday, but without a companion Buy from Silver Futures it may be a day or two early. Nonetheless, a close above about $31 will have us looking at new Feb 2025 SLV calls. Bitcoin Bitcoin illustrates an interesting twin to the Silver Futures pattern, suggesting a little more downside before a reversal back up. Longer-term, a little too much bullish sentiment at last week's top, we missed it and it may take another one of those deep Bitcoin haircuts to work it off. Individual Stocks PLTR Noteworthy is that PLTR triggered a short-term Buy on Friday and continues to target the low $50's before January expiration. The option trade performance analysis below has been extended to include where a 50% trailing stop will come into the picture for each of the two calls held in the Premium portfolio: RKLB The RKLB call below has yet to achieve +100%, so it is still subject to the -50% hard stop. However, if the market begins to go south next week, for whatever reasons, exiting if this call falls back to break-even is probably the safer bet. Guest Chart of the Week From Mac10 on Twitter this doesn't leave much room for lower prices next week without triggering a price collapse. We will be keeping a close look on VIX, as well as IWM, for confirmation of a nascent decline. Conversely, a break and recovery would signal a new leg up. Active Trades - Premium Service Active Trades - PRO Service
