Despite Tech Tumble; Stocks, Bonds, Gold, & The Dollar Rally On Election Eve

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