As Asia closed and Europe opened, US equity futures were panic bid up 400-plus Dow points overnight, clung to gains into the US cash open when Nasdaq was dumped and Small Caps pumped along with The Dow. Last minute buying panics ramped Nasdaq barely into the green…
Weakness in Nasdaq was driven by the mega-tech names with AMZN taking a good hit…
Source: Bloomberg
Brace yourself for some vol in the next 24 hours…
All the major US indices are at critical technical levels ahead of the election night malarkey…
And equity risk remains very rich relative to credit risk…
Source: Bloomberg
Value stocks were bid today…
Source: Bloomberg
Despite broad stock market gains, bonds were also bid with the long-end outperforming…
Source: Bloomberg
The dollar rallied for the 4th straight day back to its strongest since early October…
Source: Bloomberg
Bitcoin was dumped overnight when stocks ramped but has been bid back in the last few hours…
Source: Bloomberg
Gold was bid, despite USD gains, pushing back up towards $1900…
As did Silver…
Oil prices exploded higher after crashing to a $33 handle overnight. The rebound was catalyzed by Russia comments on OPEC+ output cuts…
Finally, all eyes on Pennsylvania…
Source: Bloomberg
What’s the worst that could happen?
Source: Bloomberg
