Not a Drill

Financial Review

…Election Day, finally. JOLTS, a job for everybody. The cost of tariffs. Sanctions on Iran. Financial Review by Sinclair Noe for 11-06-2018 DOW + 173 = 25,635 SPX + 17 = 2755 NAS + 47 = 7375 RUT + 8 = 1556 10 Y + .01 = 3.21% OIL – 1.40 = 61.70 GOLD – 4.20 = 1227.40 Today is the day — this is not a drill. The first polls back East have just closed. As more polls close over the next couple of hours, we might start to see some trends develop. There’s still in people’s minds the idea that there could be a surprise. Most people are waiting to see what the results are before they make any major investment decisions. There is a strong possibility that the election will result in political gridlock. There could be another leg higher if we get gridlock because the existing economic agenda won’t be altered materially. Or we could get a rally, just because the elections are finally over, and there is some certainty. Nobody knows how the election will unfold. Nobody knows how it will impact the markets. We will only know in the fullness of time. The trend in Congress is less. A Washington Post and ProPublica analysis found “a weakened legislative branch in which debate is strictly curtailed, party leaders dictate the agenda, most elected representatives rarely get a say and government shutdowns are a regular threat.” For just one empirical example: In 2005 and 2006, ...

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