The FBI took Hillary off the hook yesterday, and market players showed they were worried about
The Donald via today's rally which suggested Hillary could gain enough momentum to win
Tuesday. Zippy stuff. Now the stock market did correct over the Aug. - Oct. seasonal 'jitters'
period and traders know we are moving into a seasonally strong interval which can last into the
early spring of the succeeding year. So, not only did players affirm hope for a Hillary victory,
they may be using the market's oversold position to get a jump on positive seasonals.
The bounce in the SPX came off the 200 day m/a and was strong enough to wipe out the Trump
dump that had gathered. Well, this all could work out just dandy, but Hillary needs to pocket the
win, and then The Donald and the Trumpkins have to behave and accept the verdict if it supports
that 'awful woman'. The bitterness and rancor of this campaign probably even exceeds the ugliness
some of us old timers saw during the twilight of the Truman presidency, 1950 - 52. Most folks here
think the very hard feelings will continue for some time and require now vanished statesmanship
to reappear to get a government in failure mode back on the rails again.
Prudence is a vice in a bull market but a week's worth of intense vigilance may not be fatal.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!