In Today's Update:
1) U.S. equities closed mixed ahead of the midterm elections on slightly lighter volume. The Dow Jones Industrial Average gained 190.87 or 0.76%, the S&P 500 added 15.25 or 0.56% while the Nasdaq 100 finished lower by 28.14 or 0.3 8% and the Russell 2000 closed lower by 0.47 or 0.03%.
2) Crude Oil Futures dropped another $0.45 or 0.71% after Trump restored sanctions on Iran while Gold Futures held steady. The Bond market traded slightly higher and the yield on the 10-year treasury note settled at 3.20%.
3) Tomorrow is election day, and regardless which party gets more votes, history tells us the equity markets will be celebrating. There have been 18 midterm elections since 1946 and within 12 months after each election (100% of the time) the equity markets have moved higher by an average of 17%. Will this trend continue or is this the year everything changes?