Dow: +77.32…
Nasdaq: +52.42… S&P: +10.17..
The Nazzy unceremoniously made all time highs today. Tech is a bit hot again, so the Nasdaq did it without strength from biotech, which usually helps. Biotech continues to discount what may be shaping up to be a Hillary victory. The market usually processes things weeks and months in advance, so this isn’t a big surprise. Biotech has been weak for a reason. If Trump wins, you will see a short squeeze that will blind you.
The Dow, Russell and SPX still appear rudderless at best, so it remains to be seen if these three kids decide to play catch up to the Nasdaq.
A downturn in crude oil futures contributed to the mid-morning pullback today as the market assessed the state of OPEC’s proposed supply freeze agreement. Iraq made headlines this morning after indicating that it will seek an exemption from the previously discussed agreement. Those crazy kids, things should be fun up until the next OPEC get together in Vienna on Nov. 30
Full video will be out tomorrow or Wednesday.