Whether you want to believe it or not, markets are pricing in a potential KAMALA HARRIS win today, or at a minimum a strong democratic showing, with solar, cannabis and tech stocks flying high. It could also be a matter of mean reversion, certain areas of the market that were beaten down bouncing in an accommodative tape. But I suspect the market is attempting to leave open all possible outcomes and realizes that Kamala needs to choose a VP and whilst that process is underway there will be media attention for the left and all of the bells and whistle of government will be working to defeat Trump. After all, they tried to blow his fucking brains out; why wouldn’t they steal another election?
The Russell is underperforming the NASDAQ today, +37bps vs the +96bps for the QQQ. But it’s important to remember the Nasdaq is FLAT for July while the $IWM is +7.3%, quite the chasm.
As for me, my core positions are somewhat static now, as I’ve elected to reduce my trading in favor of trading around core positions with just 20% of assets. I am +65bps at the moment, very bullish.
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