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November 9th, 2020
Dear Valued Readers,
Today we have two new featured companies in the green space. One company is focused on the recycling of Lithium Ion batteries and the other company is focused on providing the graphite for Electric Vehicle batteries. Both are focused in very important parts of the growing need to get away from fossil fuels. Batteries need to be built and they need to be disposed of. Please have a look at them below in the featured companies sections.
Wow, quite the Monday in the markets! Biden was declared the winner in the US Election but Trump still hasn't conceded. The even bigger news was that a vaccine developed by Pfizer and BioNTech SE prevents 90% of covid cases in their study. Most people are assuming this was the catalyst to the huge moves today. The Dow Jones finished up 834 points after spiking up to 29,995.00 which is an all time high beating the highs of Feb. 2020. The close today was about a 50% retrace of the daily high though, it was up over 1600 points on the spike.
Gold took a massive drop, down about $100us/oz in a matter of hours. It hit the $1850us/oz resistance point from September [ 4HR chart ] and bounced. We shall see if that point holds, if it doesn't we could see another drop to maybe $1750 or $1710ish (38% fibonacci retracement) if things go real bearish. I'm not in that camp but you never know.
The rest of this week will be interesting. Will the Dow continue to surge and gold continue to drop, or was it a knee jerk reaction? How long will it take for this vaccine to be approved, manufactured, and distributed? How many people will be lined up to take an emergency use vaccine? How long will the vaccine last after someone takes it? [ Vaccine Article ]
They say don't fight the fed, but.... With cases ramping up around the world, tightening of restrictions on people, shutting down of businesses again, the economic impact will continue to be very high. Should we be at all time highs in the markets? Be very careful with your trading! [ Biden plans to move fast on the pandemic and the economy ]
Have a great week everyone!!
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Featured Articles / Media:
[ YouTube ] Sprott Weekly Wrap Up with Bob Thompson of Raymond James
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