The election is over, and the market's reaction so far has been lethargic. Perhaps it's due to the failure of the marijuana legalization initiative in California, a failure that will make virtually no difference here as the state has de-facto legalization ("medical marijuana": get a note from a doctor and you can toke to your hearts content), and so far the state has done a pretty impressive job of telling the Feds to stick it when it comes to enforcing Federal law, about the only thing this state has done right int he last 10 years. Republicans are now in control of the House, which means we can expect a massive reduction in the budget deficit, right? Yeah, pull the other one. XLF and XLU are the leading sectors this morning, followed closely by XLK. Lagging are X:LB and XLE. The Nasdaq is lagging, the Russell 2000 leading. Oil is up a bit, gold down a bit, treasury yields are down big again, and dropping.
I have 223 new highs so far, with breakouts in MGIC, OPEN, SNCR, WWWW, HOLI, and KNXA. Reporting last night were CATM up 3.4%, EXAC down 1.2%, NANO down 5.8%, OPEN up 12%, and WYNN down 2%. Reporting this morning were AFSI down 0.06%, LINC up 9%, and MDF up 2.3%.
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