Traders Fade French Elections; CAC Drops Like a Rock

This was a fairly predictable event. Since so many people were out in front of the French elections, all of the indecorous booze hounds betting on a Macron win, it makes sense to fade it. The CAC is lower by 1%. Compounding those losses is the drop in the euro, off by 0.55% v the euro. If you’re an American investor long France in euros, today you’re fucked.

Copper is getting manhandled, off by 1.7% and crude has given up all of its gains — now lower by 0.22%.

Bonds are up, alongside gold, silver and bitcoins.

Becky Quick is doing one of those Warren Buffett interviews on CNBC today. Politics aside, that man is an amazing human specimen. In spite of his ancient age, he’s as sharp as a tack and still extremely relevant and energetic. The secret to longevity must be hidden inside those cherry coke canes.

When asked about the French elections and how it pertains to his investments, Buffett summed up his perma-bull modus operandi.

“It’s not a question of being in the market,” he said. “It’s a question of owning businesses. If I wanted to own farms, I wouldn’t be buying and selling them based on an election. I wouldn’t try to figure that sort of thing out.”