Is this the Biden Rally?
It would appear that Biden will be the winner on Tuesday. The overwhelming response of women, young people and minorities seem poised to set the culture war back to the stone age.
Ironically, even though Tom Steyer was not successful in his attempts to format the impeachment and removal of Trump or to win the Democratic Presidential nomination, his NextGenAmerica.org initiative, which was formed back in 2013, has been hugely successful in getting the young people of America involved in this election.
Today we see a rally in the markets as the big money crowd has seemingly convinced themselves that Biden will continue the speculative P/E multiple stock market. I guess they think their influence will keep Wall Street on top. Surprise, Biden, while he will be confronting huge problems left over from Trump, is committed to putting Main Street front and center and back on top. Climate, health, and education is where the future of America sits now.
Here is our Macro Economic Fed Influence chart updated through today’s early market highs at 10:00 AM CST. You will see the raw number has bounced up back up to the downside breakout line breached last week. To me that says that the stock market has a lot of work to do on the downside before real growth builds a base for a sustainable bull market. But that is good for main street, not the speculators.