While uncertainty reigns over who will reside in The White House for the next four years, one thing was definitively decided last night, the ‘blue-wave’ crashed and burned.
Which for many “pollsters” and “experts” was inconceivable a week ago.
And in response, assuming a Biden win and deflationary impulse, stocks and bonds were panic-bid (Nasdaq up a stunning 5% and TSY yields down a shocking 10-15bps).
Which is the biggest post-election-day rally for the S&P in history.
Bank stocks were battered (especially regional banks) as rates collapsed.