The Morning Dose

Morning Dose #374: Why This Election Rally Is a Trap – Wednesday 11/4/2026

Episode 3745:12

0:005:12

Episode summary

A pre-market briefing on a cautious tape: overnight NASDAQ futures whipsawed after the election results, and only 50.77% of stocks sit above their 40-day SMA. The hosts cover narrow leadership, AMD’s faded post-earnings pop, AI power and hardware names on the scan, and the risk of chasing extended charts like XMTR.

Key points

  • Breadth is a coin flip at 50.77% above the 40-day SMA, so the trading regime stays cautious.
  • Yesterday's bounce was narrow: the 20-day SMA breadth reading fell 15 points to 57% even as tech and industrials led.
  • AMD's roughly 10% post-earnings pop vanished pre-market, and a break of Tuesday's 483.90 close would look like a sell-the-news event.
  • TLN and ETN show continuation signals, but XMTR is highly extended after a 16.6% gap, so size accordingly.
  • Watch ISM services today and the Bank of England decision Thursday; keep size small and let early volatility burn off.

Ticker charts

AMD

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open AMD in WaveFinder.

Daily bars through Nov 4, 2026.

TLN

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open TLN in WaveFinder.

Daily bars through Nov 4, 2026.

ETN

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open ETN in WaveFinder.

Daily bars through Nov 4, 2026.

XMTR

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open XMTR in WaveFinder.

Daily bars through Nov 4, 2026.

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