In Asia, Japan +1.6% to 17177. Hong Kong +0.7% to 22801. China +0.3% to 3133. India +0.7% to 27459.
In Europe, at midday, London +1.5%. Paris +1.8%. Frankfurt +1.6%.
Futures at 6:20, Dow +1.4%. S&P +1.4%. Nasdaq +1.6%. Crude +1.7% to $44.80. Gold -1.2% to $1288.90.
Ten-year Treasury Yield +3 bps to 1.81%
Today’s Economic Calendar
The S&P futures are trading at 2108 in morning trading.
U.S. futures and the dollar are posting big gains, along with shares across the globe, as bullish sentiment returned to Wall Street following the largest streak of losses on the S&P 500 since 1980. “Based on our review, we have not changed our conclusions that we expressed in July,” FBI Director James Comey said in a letter to Congress, standing by an earlier recommendation that no criminal charges were warranted against Hillary Clinton over her email practices.
The S&P had been in a range since September. We have seen weakness in the markets over the past week. We finally broke to the downside as we had been predicting. We are however seeing a strong day today as it appears that Hillary Clinton may become president of the United States. More gridlock and nothing gets done!
Remember the Brexit vote! That rattled the markets and if Donald Trump pulls a rabbit out of his hat, then watch for a volatile few days.
We are still short oil under $50.
Gold has turned bullish. Use 1270 as your pivot. Long above, short below 1270.
Continue to stay long the US Dollar and bonds still are weak.
The VIX futures are down about 10% this morning. Tomorrow will be the test.
As we noted, S&P futures are up close to 30 in early morning trading. Don’t be surprised to see that get taken down today if news of “The Donald” starts getting some positive polling numbers.
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