50-Day Trendlines All The Rage

Major averages hit their 50-day trendlines — next support at the 200-day

Highlights

• Major averages hit their 50-day trendlines — next support at the 200-day

• Likely post-election uncertainty calls for a long-volatility trade

• Beige Book points to a cooling labor market ahead of today’s Payrolls report

• Declining travel spending provides more evidence of the end “revenge spending”

Key Takeaways

Employment Trends in the Fed Beige Book

• Ahead of the October payrolls, checked what the Fed Beige Book employment: “On balance, employment increased slightly during this reporting period, with more than half of the Districts reporting slight or modest growth and the remaining Districts reporting little or no change.”