Not a bad showing pre-election results as stocks moved higher after a soft start, held on until mid-afternoon, dipped, but are recovering. Indeed, all indies are positive on the day with fairly even gains.
SP500 11.67, 0.43%
NASDAQ 32.15, 0.44%
DJ30 124.39, 0.51%
NASDAQ 100 0.58%
The action puts the SP500, NASDAQ, SP400, SOX, RUTX testing the 20 day MA, DJ30 testing the 50 day MA. No real change in position, but buying time with an overall consolidation lateral move.
Still feel the election is worth something to the market. One pundit said the selloff was pricing in a democratic House win; plausible. Of course that means it is already priced in if it occurs so no real impact, right? And if it does not occur, a rebound? Smarter people than me are saying so.
Anyway, the moves are -- for the most part -- rather pensive as you would expect before an important event, though the market managed to overcome early weakness.
Bonds: 10 year auction finally was one where the direct bidders showed up.
Like AEP's action and may pick up some. REV has bounced but on really light trade and now struggling.
Jon Johnson, Chief Market Strategist
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