There is little I can write for all are myopically focused on tomorrow. Regardless of the outcome the country will survive. Comparatively speaking, 2016 is nothing compared to past elections. All must remember democracy is an angry visceral process filled with vitriol and animosity. Democracy settles its differences with words versus guns.
Last night the foreign markets were up. London was up 1.42%, Paris up 1.65% and Frankfurt up 1.57%. China was up 0.26%, Japan up 1.61%and Hang Sang up 0.70%.
The Dow should open sharply higher after nine consecutive days of declines following the FBI’s statement that Clinton’s handling of e-mails was not a crime likely boosting her probability of election.
As noted the other day and according to Bespoke Investment Group the has S & P 500 has advanced five days before the vote in 20 of the past 22 presidential election cycles, climbing an average of 1.9% in the run up to elections going back to 1928.
As noted the S & P is down for nine consecutive days. The longest consecutive days in many years, exceeding the consecutive number of decline in the 2008-09 financial crisis. The S & P is down 1.9% during the past four days.
The 10-year is off 10/32to yield 1.82%.
Chief Economic Strategist Managing Director
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