Mike’s Morning Brief: A fast-break rundown of what’s going on.
Market opened flattish again ahead of the final Presidential debate for 2016. The election is just 3 weeks away. Hillary Clinton has a commanding lead in most polls at this stage. It is looking likely that the Democrats take control of the Senate, but Republicans keep the House. The Market seems to be ok with it. Hillary’s unfavorable rating is so high, she wouldn’t be entering with a lot of momentum and split Congress would keep radical change in check. We shall see. Earnings continue to pour out with a mixed tone. Financials have been quite strong while mature Tech are offering a cautious tone. Crude is catching another bid off a solid GDP report in China. WTI is back above $51. Interest rates are ticking up. Gold is too. 29 years ago was Black Monday, the day the DOW and S&P fell more than 20%. It was a complete shock to the system. Importantly, many people didn’t even know it until they read about it in the paper the following day. That certainly wouldn’t be the case today…
Have a great day,