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These Charts Continue to Suggest a Trump Win

Graham Summers

Posted October 28, 2020

Graham Summers

The markets are in a holding pattern until election day.

Retail investors are small fish in a big pond. The real price action occurs when financial institutions make a move. And NO financial institution is going to put capital to work this week with the election looming.

However, some items are clear.

The markets are increasingly pointing to a Trump win.

One of the key differences between the Biden and Trump campaigns are their attitudes towards green energy. Trump is decidedly pro-fracking and fossil fuels while Biden leans towards green energy. (He has formally endorsed the New Green Deal on his website.)

With that in mind, the green energy sector has rolled over and is falling rapidly. We’re already into a 10% correction on both $PBW and $TAN.

GreenEnergyETFs

Of course much of the market has been red lately, so I would also like to point out that underperformance has occurred relative to the broader stock market. The ratio between $PBW and the S&P 500 is down 9% meaning clean energy ETFs are down 9% relative to the rest of the market.

That’s a heck of an underperformance. Again, this suggests Biden’s odds of winning the election have fallen dramatically.

GreenEnergyIsUnderperforming

Meanwhile, we see industrial metals, which are heavily pro-Trump due to his obsession with U.S. manufacturing and industrial production, remain in clear, strong uptrends. Looking at these charts it’s difficult to even see a corrective move.

This suggests the odds of a Trump win have increased dramatically.

IndustrialMetals

Taken together, these two developments STRONGLY suggest Donald Trump will win re-election. In fact, you could argue that based on these issues, the election won’t even be close.

Best Regards,

Graham Summers
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