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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%.

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Ken Engelke

Chief Economic Strategist Managing Director

The views expressed herein are those of Kent Engelke and do not necessarily reflect those of Capitol Securities Management. Any opinions expressed are statements of judgment on this date and are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated or projected. Any future dividends, interest, yields and event dates listed may be subject to change. An investor cannot invest in an index, and its returns are not indicative of the performance of any specific investment. Past performance is not indicative of future results. This material is being provided for informational purposes only. Any information should not be deemed a recommendation to buy, hold or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. This report is not a complete description of the securities, markets, or developments referred to in this material and does not include all available data necessary for making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. If you would like to unsubscribe from this e-mail distribution, please reply to this e-mail and indicate that you wish to unsubscribe in your response.