U.S. equities sustained their bounce
U.S. equities sustained their bounce with some front-running of possible post-election relief on the "it's the economy, stupid" bet that the business-friendly camp will prevail amid low unemployment, rising wages, etc. Should the public vote with it's wallet, that could re-ignite the bull market, which pulled up by roughly 10% into the mid-terms. The major indices are 0.4-0.5% firmer on the day, while the VIX equity volatility index remains transfixed near its 20.0 50% retrace area. The S&P 500 at 2,746 is well above 2,603 October lows and nudging closer to its 2,763 200-day moving average again, which may prove pivotal once more. Within the S&P, Mylan +15.4%, Symantec +13.8% and Mosaic +7.7% are top gainers, while Nektar -9.8%, Broadridge -8.4% and Ralph Lauren -7.9% are the deepest decliners. NASDAQ looks similar on the outperformers, while within the Dow IBM +2.5%, CAT +1.8% and Boeing +1.5% are tops and Nike -1% is at the bottom. Risk proxies gold and the yen have also cooled off as stocks have advanced, while Treasury yields are near highs into the 10-year auction. WTI crude oil plunged 2.6% amid Iran sanction waivers.