While equity markets (^DJI, ^IXIC, ^GSPC) adjust to November and election-related volatility, stocks could have more room to run higher especially as seasonality themes become core to market themes. Oppenheimer Head of Technical Analysis Ari Wald sits down with Seana Smith and Brad Smith to discuss what the technicals are telling investors. "This is all the seasonal roadmap is consistent with history. This 1% drop in October, consistent with the typical pre-election year moderation," Wald tells the Morning Brief. "And typically then as we get that uncertain event out of the way, the November, December tends to be a much stronger time of the year. And I would say just given the broadness of the move into the recent highs… just the broadness of the move would suggest that this is an uptrend that can continue." Wald goes on to discuss where there are more defensive opportunities in select sectors, and how small-cap stocks are branching out more to participate in these uptrends for markets.
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