Major averages reversed their Friday day's gains, closing lower on mixed, above average volume, after it was announced the FBI has re-opened its investigation into Democratic presidential nominee Hillary Clinton's email scandal. FBI director James Comey stated that the agency recently 'learned of the existence of emails that appear to be pertinent' to the previously completed investigation, and that the agency 'should take appropriate investigative steps designed to allow investigators to review these emails to determine whether they contain classified information, as well as to assess their important to [the] investigation'.
While it is assumed markets cannot possibly crash ahead of the November 8 elections, if some material news announcement were to hit causing big money to exit, there is little "forces" such as the alleged plunge protection team could do to prop markets.
In most cases, members should have already taken profits into extended upside moves or sold on violations of key moving averages and other areas of support as we've seen in a a number of broken leaders ranging from AMZN to TWLO. As the number of leaders breaking down expands, short-sale set-ups begin to present themselves, and we expect that continued market deterioration will result in our issuing more Short-Sale Set-Up reports in addition to what was issued over the weekend.
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