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If you’ve been watching the markets for a while, you’ll know they’ve been anticipating the outcome of the election for a few weeks now. Price action “knew” how it was going to play out.
Not that we didn’t get some volatility – we did, it just played out overnight and resolved quickly. And when that dust settled, equities blasted off to all-time highs while bond vigilantes nuked that particular market.
For all that, for all the talking heads going on about how “this is an unprecedented move,” we’re really talking about less than 3% here. If you look at the expected move (and believe me, we will look at the expected move) today gets put in perspective. Again, the markets knew this was going to happen.
That said, there are some actual unprecedented, even shocking moves going on. That’s what we’ve got to look at.
Let me show you…
