...it was funny that POTUS crowed about Dow hitting record 30k claiming credit, when the market was actually reacting to Biden's increasing state legislative certification affirmation , in other words reacting positively to Trump's loss.
...and given the markets have already positively factored a Biden victory, anything untoward that stands to reverse it would be negative, and that would be the only thing I can foresee preventing markets from making new highs into December and January. Remember Trump has not exactly conceded and despite all odds, he has yet to give up.
Strange indeed to see the market completely throwing caution to the wind to bid up gold stocks despite 2 days of hefty selling (today's buying is an oversold rebound)- the buying today IMO is an opportunity to sell for those who believe there are still difficult days ahead with prospect of Gold breaching $1800. Failure to take out $1830 to the upside overnight does not lend confidence that the downside is over. But Gold has yet to breach $1800 and GDX is still above $32.46 - question is if one should wait for that to happen. Tough call but still requires a decisive one. If the market decides to hold above $1800 pending more outcome from the stimulus talks that could resume after Thanksgiving hols then that could provide some hope.
WAM Capital's Geoff Wilson says Biden win 'positive'
Robert Guy
WAM Capital chairman Geoff Wilson is "cautiously optimistic" about the market outlook given clarity on the US election outcome and progress on a vaccine.
WAM chairman Geoff Wilson. James Alcock
"We believe the election of Joe Biden is positive in terms of social, geopolitical, and, potentially, economic outcomes," he told shareholders at the annual general meeting.
"It is worth noting that historically the US equity market has performed better under a Democrat President."
Mr Wilson said conditions for equity markets were "highly accommodative" given the commitment by central banks to stimulate economies.
He said Australia responded to the pandemic "with strength".
Mr Wilson said small and mid-cap companies in the retail, travel, agricultural, building materials and automotive sectors were well positioned to benefit from the reopening of the economy.
