The U.S. Stock Market scored big gains as Americans headed to the polls today. Asian markets were up strongly overnight, and the European markets followed suit in the morning. A solid earnings report by Mastercard also buoyed stocks in the U.S. Some pundits, however, attribute the rally as a relief rally in response to polls suggesting a solid Obama victory, and a view toward the future.
Due to the big rallies in stocks around the world today, commodities responded with a big rally of their own, lead by the energies. Crude Oil was up over $6 today, and these gains were mirrored in Heating Oil, Unleaded Gas and Natural Gas. Such a strong day in these markets suggests a bottom of at least short-term magnitude is now in place. Gains in commodities were seen across the board, including the metals, grains and others.
One surprising trend today was the move up in Treasury prices, resulting in lower yields. This was quite odd in view of the strength in the commodity markets, and the weakness in the Dollar against most of the currencies today in the Forex market.
Tomorrow will be another day, and I suspect the markets will at least settle down tomorrow. Later in the week, we have a jobs report that could provide some significant bad news.
Stay Tuned!
Scott Cole
www.bestdaytradingstocks.com
www.kungfutrader.com
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