Market On Open, Friday 8 November
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The Morning After The Night Before
by Alex King, CEO, Cestrian Capital Research, Inc
A very bullish week this week. First, the election result was called quickly, leading to a collapse in the Vix and a mechanical rise in the S&P500 and, in consequence, the Nasdaq and the Dow. Second, an incoming Administration that the market expects to be pro-growth, pro-market. And third, an FOMC outcome with both an expected 25bps rate cut and nothing too toxic in the subsequent press conference.
It’s Friday and the good news is in the rear-view; there’s a chance we see a little cooling off in equities before what I expect to be a continued upward march through year end.
Let’s see what the charts are telling us today.
Before that, two things to say.
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