Daily Market Update – November 9, 2016 (Close)
What can you say about today?
The day after the election day that everyone got wrong?
Well, at least the early going 800 point loss in the DJIA futures had been pared by 500 points and maybe we were also looking at an economy ahead that could get a large infrastructure boost.
A much needed one at the expense of the deficit.
Maybe that should have been done 8 years ago and people would have been put back to work much sooner than 2016.
This morning, my only thought was to “Hang on,” as I didn’t think it would be as bad over the next few days as I might have thought as recently as only yesterday.
What it turned out to be was a gain that I wasn’t really expecting had the other side won.
From the trough of the morning’s futures to the peak just near the close, the market made up almost 1100 points.
There, I said it again.
What a day and with some real sector winners and some real movement in interest rates, pretty much doing the FOMC’s work for it.
Let’s see what the second day of the realization of the unimaginable will bring.