I‚??ve been covering the markets for a very long time. In fact, it has been about four decades since I started in this business. Yet despite that much time having gone past, every week I get a sense of surprise over what has happened — and what the causes are of the back and forth in asset prices.
This week, all eyes were on the presidential election and the first debate between Hillary Clinton and Donald Trump. Now, the surprise to me wasn‚??t the verbal fireworks between the two candidates. I actually expected that. What is a surprise to me is that the polls between the two haven‚??t really moved much since Monday‚??s contest.
While most polls show Clinton with a slight lead, that lead has tightened up substantially over the past couple of weeks, particularly in the crucial swing states. Now, this is not a political assessment, but rather a market assessment only.
The fact is that Wall Street wants things to stay as they are. It wants the ‚??status quo,‚?Ě and that means Wall Street prefers a Clinton win.
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