Late afternoon market report has the major indexes melting higher (SPY +0.6%) and falling volume. Pre-election polling has been enough to declare a Presidential winner and yesterday's Hillary hopefuls are quiet right now.
Here is the current market situation from CNN Money
North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.98% while U.S.'s S&P 500 is up 0.49% and Brazil's Bovespa is up 0.36%.
DUBLIN (Reuters) - Ireland's government will this week formally submit its appeal against the European Commission's multi-billion-euro demand for back taxes from Apple, Finance Minister Michael Noonan said on Tuesday.
LONDON/WARSAW (Reuters) - At least six indicative offers have been submitted by industry players and buyout funds for a group of beer brands being sold by Anheuser-Busch InBev , sources familiar with the matter said on Tuesday.
LONDON (Reuters) - Major banks have formally told clients to expect volatile currency markets in the aftermath of Tuesday's U.S. presidential election, with the gap between buying and selling prices that determines the cost of trading expected to widen sharply if Donald Trump were to win.
NEW YORK (Reuters) - The dollar rose against the safe-haven Japanese yen and Swiss franc on Tuesday while the Mexican peso and Canadian dollar also gained as investors upped their bets on victory for Hillary Clinton in the U.S. presidential election.
NEW YORK (Reuters) - U.S. lawmakers should take advantage of low interest rates by making infrastructure investments and encouraging innovations that boost productivity, a Federal Reserve policymaker said on Tuesday as Americans voted in a presidential election.
(Reuters) - Hertz Global Holding Inc lost more than half its market value on Tuesday, after the U.S. car rental company slashed its full-year profit forecast as it wrote down the value of its compact cars amid a slowdown in demand.
MOSCOW (Reuters) - Rosneftegaz [ROSNG.UL], the state holding company that controls Russian oil major Rosneft, is considering helping Rosneft finance the buyback of some of its shares in Rosneft, three sources with knowledge of the discussions said.
Headlines are starting to come in that the Trump campaign has filed a lawsuit against the Clark County Registrar's Office in Nevada for keeping polls open yesterday for two additional hours beyond their closing time. According to NBC, Nevada law allows for people in line at the time the polls close to vote, but the Trump campaign is alleging that others were also allowed to vote even though they arrived well after the polls closed.
While details are very sparse at this time, a Clark County spokesman has responded simply that "if there's a line when closing time comes, we just keep processing voters until there's no more line."
TRUMP LAWSUIT IN NEVADA STATE COURT SAYS ELECTION OFF IN CLARK COUNTY "INTENTIONALLY COORDINATED WITH DEMOCRATIC ACTIVISTS" TO SKEW VOTE
TRUMP CAMPAIGN SAYS BALLOTS FROM LAS VEGAS LOCATION ON NOVEMBER 4 SHOULD NOT BE "COMINGLED" WITH OTHER VOTES-LAWSUIT
Breaking: #Trump files Nevada voting lawsuit vs. Clark County Registrar, they allege, for keeping polls open "2 hours beyond..closing time"
— Jim Sciutto (@jimsciutto) November 8, 2016
And, as usual, any news surrounding Trump sends Mexican Peso traders into a panic.
We've been covering a topic for years that we have tried to elaborate in our book "Splitting Pennies - Understanding Forex" that the world is controlled by a secretive group of powerful "Elites" behind the scenes, what some call the "Shadow Government" and what others call "Illuminati" or just "Rockefellers." For the greater majority of people, they believe only what they see on TV. So when communicating with such people, obviously - they think we are crazy. But due to the way the programming works (exploitation of reptilian brain, via the amygdala) it also makes them irrational, and when showing facts to them or reasoning logically they can become emotional and even violent. It's like Dogma vs. Reason, the paradoxical conflict to which there is really no solution. So how do we know about this? Because in Forex, sometimes you see things that just aren't possible otherwise. Forex isn't like other markets, there's no transparency, there's not anything like there is in futures, bonds, or stocks. So let's elaborate on one example, which is a good Forex example for this election; George Soros.
What this election has done - it's brought all the facts to bear for the public to see via Wikileaks. So people who are voting for Clinton - they are voting for a criminal enterprise. Clinton is not the 'head' of this enterprise, but a public representative, a puppet, a "consigliere." Never before has so much evidence been brought forth, in plain site, in black and white. If you haven't done so already - have a peek in the emails here at Wikileaks.
The Truth about George Soros
George Soros is not so mysterious like many have been led to believe. He's really hated in much of the world and often blamed for political upheaval, currency crisis, and a number of other things. ...
The massive "smart money" bond short has been completely unwound.
In late June, we wrote a post suggesting why perhaps the long-term, and long-doubted, bull market in bonds could be in jeopardy. The thesis admittedly revolved substantially around anecdotal evidence pointing to a new-found bullish consensus toward bonds. But after at least a decade in which most market participants thought the only possible path for interest rates was higher, the widespread resignation to "lower for longer" seemed to be a watershed change of opinion. And that change of consensus opinion was what we believed could pave the way for a long-term reversal in interest rates.
In the shorter-term, it was an objective piece of evidence that pointed to the upside being the path of least resistance for rates. Specifically, from the CFTC's Committment Of Traders (COT) report on futures positioning, we noted that Commercial Hedgers had just moved to their largest net short position in Treasury Bond futures in 18 years. And as we continued in the post,
"Commercial Hedgers have been given the moniker of "smart money". This typically brings about plenty of questions and confusion when we discuss this topic. It is not that these Hedgers are always right, or smart. They do what their name implies, i.e., hedge. They are, again, taking the other side of positions held by Non-Commercial Speculator firms, e.g., commodity funds, hedge funds,etc.
These Speculators are typically trend-followers so they will generally add to longs as p ...
Two election clerks in Pompano Beach were reportedly fired and removed on Election Day. As Local10.com reports, Broward Sheriff's Office said deputies were called to keep the peace at the polling location after the disturbance.
Broward election officials said two clerks were fired because they did not adhere to "procedure and policy," but would not elaborate about the circumstances surrounding the disturbance.
Election officials said the clerks were replaced by an assistant clerk.
The incident was the first on Election Day in South Florida. Officials in Miami-Dade and Broward counties reported that everything was running smoothly at the polls.
But that was not the only problem in Florida today. Another incident was reported in Palm Beach County. Jupiter police said Republican supporters were passing out campaign material when a voter got upset.
WPBF reports that a man and a woman exchanged words and got into an altercation after the man went inside to vote and came back out.
"She's talking to somebody else and says, 'That's little man. Yeah. That's a little man,' and a derogatory term that I will won't repeat on TV," Tom Garrecht said.
Republican supporter Donna Tatlici told reporters that Garrecht charged at her.
It has been a tumultuous ride for Wall Street investors during this record U.S. presidential election. The drama-filled race between Democratic candidate Hillary Clinton and Republican rival Donald Trump likely will come to a conclusion on Election Day 2016 on Tuesday.
Wilbur Ross, chairman and CEO of WL Ross & Co. and senior policy adviser to the Donald Trump campaign, told CNBC Tuesday that the economy could be in for a tough spell if Hillary Clinton wins the election.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com