As for the market, last Tuesday's huge surprise that initially caused a near catastrophic market crash got resolved before the market even opened on Wednesday morning ... and then soared like an eagle ... and an American Eagle at that. It seems investors were not so much nervous about the prospect of a Trump presidency as much about the uncertainty surrounding the election in general. That uncertainty has now been removed and the market has responded with the biggest two-day rally in nine years.
I am unable to provide the succinct weekly summary this time but am happy to offer my daily notes to anyone who's interested. Hope everyone had a great weekend. Sorry I couldn't make the meeting tonight, maybe next month.
Wall Street soars as investors see higher chance of Clinton
win
How stocks will
react to poll outcome
DJ: 18,259.60 +371.32 NAS: 5,166.17
+119.80 S&P: 2,131.52
+46.34 11/7
Yesterday’s announcement that the email
controversy is suddenly at an end and that the Democratic nominee is now in the
clear sent the market on a buying frenzy wiping out all the losing sessions
from the past two weeks and then some. The
Dow has racked up its biggest one-day gain in 8 months and the VIX
“nervousness” index its biggest drop in four months. The Democrats may still be in fear of a
Trump victory but today’s performance proves that apparently Wall Street is
not, not anymore anyway. Volume was
again strong at 7 billion shares.
However, if the last two weeks was a harbinger of possible bad things to
come, it’s nothing compared to what we’ll see Wednesday morning if the election
does not go as expected.
Wall Street gains as traders bet on Clinton triumph
Wall Street gains as
traders bet on Clinton triumph
DJ: 18,332.74 +73.14 NAS: 5,193.49
+27.32 S&P: 2,139.56
+8.04 11/8
All the exit polls today showed a clear path
to a Hillary victory and that shot the Dow up another 73 points, a 2nd
consecutive day of gains after yesterday’s huge gain. Voting in Guam came in hugely in favor of
Clinton, adding more confidence since Guam has chosen the winner in every
election since 1980. So how could all
these polls prove to be so wrong as, now at 2:30 a.m., Trump stands just 25
electoral votes shy of winning the White House?
This has been an historic and unprecedented night and it now looks
almost impossible for Hillary to make up the 55 votes she needs. Unless there is a Dewey/Truman moment in the
next few hours, it looks like we’ll be waking up to President Trump
tomorrow. The market has already been
falling drastically since the tide turned this evening and it’s a safe bet that
we’ll see a major collapse tomorrow, maybe as much as a thousand points. Stay tuned.
Wall Street surges after Trump wins White House
DJ: 18,589.69 +256.95 NAS: 5,251.07
+57.58 S&P: 2,163.26
+23.70 11/9
It does not show in the charts that the
market crashed in the overnight hours after Trump was declared the winner of
the election. The automatic trips that
stop trading when there’s a suddenly plung of more than 5% kicked in and saved
the day. By morning it all got reversed
and investors started a wild buying spree that already had all losses recouped
when the market opened at 9:30 and kept pushing the index up to close positive
a whopping 256 points. Evidently it wasn’t
so much a Trump presidency that Wall Street feared so much as the uncertainty
over whether he might be president. When
that question was answered, everything immediately calmed, even became
downright euphoric. The anxiety index
fell 23 percent. Trading was very
vigorous at 11.7 billion shares.
Trump bets blast Dow to new high, bank sector hits 2008
levels
DJ: 18,807.88 +218.19 NAS: 5,208.80
-42.28 S&P: 2,167.48
+4.22 11/10
The surge continued for a second consecutive
as investors have apparently decided that Trump’s banking policies are going to
be very beneficial shooting the financial index up 3.7 percent and the Dow up
another whopping 218 points. It is the
biggest two-day gain for the S&P in five years. Volume was again extremely vigorous at 12.3
billion shares.
Dow chalks up best week in five years, closes at record
high
DJ: 18,847.66 +39.78 NAS: 5,237.11
+28.32 S&P: 2,164.45
-3.03 11/11
It wasn’t nearly the surge of the last two
sessions following the election but the markets are clearly holding their own
after the biggest two-day rally in recent memory. Wall Street remains euphoric over the prospect
of big profits from health and banking firms under a President Trump. The S&P has risen 8 percent in three
session and has reached its highest levels since 2008. Volume remains considerably above average at
9.6 billion.
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