Stock averages resolve to the upside, with Dow's 1.7% advance leading
- With the exception of a small handful of names, a broad-based rally is
underway following what appears to be a Blue Wave out of Georgia. The S&P
500 is up 1.2%, the DJIA 1.75%, and Nasdaq 0.35%.
- The prospect of even great fiscal stimulus has long-dated Treasury
yields sharply higher, and that's got the financials (XLF+4.6%) as the
best-performing S&P sector.
- For those worried that D.C. being controlled by Democrats means the
end of fossil fuels as we know it, the energy sector (XLF+4.5%) is the
2nd-best performer. The industrials (XLI+2.9%) are following close
behind.
- And for those predicting the demise of the dollar (USDOLLAR), that too
is on the rise following big declines heading into the election. It's
almost as if markets anticipate, rather than react to events. Who would
have thought? Gold (XAUUSD:CUR) is having a rough session as well, down
2.4% to $1,906 per ounce.
- If there's any red to be found, it's in mega-cap tech names like
Apple, Microsoft, Netflix, Nvidia, Facebook, Google, and Amazon. It would
appear that this too shall pass.
- Not an S&P sector (but maybe in the future), the cannabis names - with
thoughts of federal legalization - are having the best day of all.
|Today, 11:25 AM|36 Comments
- With the exception of a small handful of names, a broad-based rally is
underway following what appears to be a Blue Wave out of Georgia. The S&P
500 is up 1.2%, the DJIA 1.75%, and Nasdaq 0.35%.
- The prospect of even great fiscal stimulus has long-dated Treasury
yields sharply higher, and that's got the financials (XLF+4.6%) as the
best-performing S&P sector.
- For those worried that D.C. being controlled by Democrats means the
end of fossil fuels as we know it, the energy sector (XLF+4.5%) is the
2nd-best performer. The industrials (XLI+2.9%) are following close
behind.
- And for those predicting the demise of the dollar (USDOLLAR), that too
is on the rise following big declines heading into the election. It's
almost as if markets anticipate, rather than react to events. Who would
have thought? Gold (XAUUSD:CUR) is having a rough session as well, down
2.4% to $1,906 per ounce.
- If there's any red to be found, it's in mega-cap tech names like
Apple, Microsoft, Netflix, Nvidia, Facebook, Google, and Amazon. It would
appear that this too shall pass.
- Not an S&P sector (but maybe in the future), the cannabis names - with
thoughts of federal legalization - are having the best day of all.
|Today, 11:25 AM|36 Comments
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