'Twas the night before Georgia
Or will it be Nevada?
Futures indicate that more equities traders than not are placing bets that the US will wake up to a Biden victory decisive enough to ensure this country sidesteps a legal morass courtesy of Trump & Co.
Meanwhile, the bond markets, and some traders in commodities such as oil and gold, are not so sure.
Expect a broad rally if we are greeted with the news of a Biden win, though, and then expect a large stimulus package to begin getting priced in fairly quickly.
However, if we are confronted with more ambiguity and entanglement instead of—or in addition to—Biden at 270, we may see markets weighed down over the coming weeks. This will be the case especially if the election remains contested and ultimately heads to the Supreme Court.