Posted on 09/30/2020 6:47:37 AM PDT by RoosterRedux
After a tumultuous debate, some folks expected the market to open down this morning because it did want a contentious and uncertain election season (the market always wants calm and certainty).
That said, the market is opening up (DJI up 257+- at the present time). This seems to say that investors believe Trump won the debate because a Biden win or a draw would have meant uncertainly and that would have a downward influence on the market.
I invite other Freep-investors and market watchers to share their opinions.
Let me hasten to add, it’s not so much that the market is saying that Trump won the debate as it saying that Trump will be re-elected (i.e., no big changes on the horizon).
The market has been crazy since January.
All I can say is: you might know where the market is going but no way can you predict where it is going after that.
I would argue that it was not tumultuous. Go back and watch Trump in the debates from the 2016 campaign. Trump is a street fighter and they fought in his style. Biden was losing women voters by the second.
True.
Let's see what happens by the end of the day today.
Perhaps a better word would have been “combative.”
Trump has the fastball.
Pence has the changeup.
He will destroy Kamala, and Biden along with it, and do it with a smile.
Precious metals down from nose-bleed highs, stocks up. ‘Diversity’ is your FRIEND, but only when it comes to investing. :)
“In delayed reaction, Gold prices pushed above $1,900 an ounce as economic data shows just how much damage the COVID-19 pandemic inflicted on activity in the second quarter.
Wednesday, the U.S. Commerce Department said that the impact the COVID-19 pandemic on second-quarter Gross Domestic Product was slightly less than expected, according to its final estimates.
According to the latest report, annualized second-quarter GPD declined by 31.4%, Economists were expecting to see a decline of 31.7%.
“The upward revision with the third estimate primarily reflected an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment,” the report said.
Accoridng to Jim Wyckoff, senior technical anlyast at Kitco.com, the gold market is seeing technical buying as the latest economic data point to continued uncertainty. December gold futures last traded at $1,903 an ounce, relaitvley unchanged on the day.
Some commodity analysts have said that the latest economic data have not been a signifciant driver for gold prices because it is “old news.” Market players are now focused on the recent wave of better-than-expected data that have raised hope for a fast recovery, the analysts have said.
Looking at some of the components of the report, personal consumption was slightly better than expected. It declined by 33.2%, up slightly from the previous estimated decline of 34.1%.
However, trade was slightly worse than expected. The report said that U.S. exports declined 64.4% in the second quarter, down from the previous estimate of 63.2%. Meanwhile, imports were also slight weaker, declining 54.1%, down from the prior estimate of 54.0%.
Government spending in the second quarter was also lower than expected, rising 2.5%, down from the previous estimate of 2.8%.
Positive for the gold price is stronger than expected inflation data. The report said that core Personal Consumption Expenditures, fell 08% in the second quarter, up from the previous estimate of a drop of 1.0%.
The GDP price index declined 1.8%, up from the previous estimated decline of 2.0%.
Analysts have noted that despite the short-term volatility, which has driven gold prices to their worst monthly performance since November 2016, gold’s long-term fundamentals are firmly in place. Rising inflation, coupled with low interest rates will push real yields lower, which makes gold an attractive safe-haven asset, according to analysts.”
I am counting on President Trump to get us back on track after his re-election. I would also like to see Hillary! heading to prison, and the rest of the wall built, as well as him doing a better job at thwarting whatever next the Democrats throw at him, i.e. the BOGUS trashing of our Economy due to the Covid19 BS.
LIBERATE WISCONSIN! LIBERATE AMERICA!
Nothing...it was a waste of time...My question does Wall Street want Trump to win ..but will not say it in public..????
The Dow futures graph that I saw showed them up during the debate and then down sharply as the debate ended.
Market is focused on stimulus package. Is not upset by the prospect of Biden winning election and Dems taking over senate.
Only conservatives believe that. Wall Street has given their full backing to Biden/Harris and has gone on record saying a Biden win would be good for Wall St. One can interpret the market rally differently based on that.
OMG. If Biden wins ( which he will not) The DOW drops 20% in one day.
Investors and money determine where the market goes. Wall Street generally is the broker/dealer industry.
The market wants Trump to win, a lot of broker/dealer management leans left.
See post #15.
I thought we were going to wake up to medium-heavy red in the S&P. It was interesting last night; during the latter half of the debate, futures were up +20 (= DJIA +140-200 points) and got there fairly violently....and then gave all that back, and crashed to as low as -33 (lowest print I saw) implying that Trump lost. Trump may have “lost” but not badly. Whatev.
And yet today we’re ramp city. Aided by the requisite bond dump which we have been conspicuously missing these past few days.
Also; China (FXI) is up pretty good. A Biden “win”?
I think the Euros, who hate Trump spiritually but know the US markets are the place to be, initially took the debate to be a Trump loss; hence the o’nite dump. Cooler heads seem to have prevailed!
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