Let’s Never Do This Again… Well it appears that investors ready for the weekend… After a looong week that saw the S&P notch 4 consecutive gains of over +1% (first time since 1982), today’s session feels like a bit of a pause for breath as investors as investors regather their bearings. At the moment, Biden looks all but certain to lock up the presidency, while the fate of the Senate may need to be decided by two runoff elections in Georgia in January (but still looks good for Republicans). While indices are little changed on the day, trading has still been choppy (vols +20% vs 20-day avg) as political headlines are still managing to keep jumpy traders on edge despite a conclusion nearing. Semis have also refused to calm down, with SOX making a new all-time price and 12-month relative as Microchip (MCHP +5.2%) earnings impressed last night. Telcos are also enjoying an earnings glow with T-Mobile (TMUS +6.0%) dialing up a beat and smashing expectations for costs savings from its merger with Sprint. Value sectors are dragging once again after their joining the party yesterday: Energy, Banks, and Autos are all among the worst performers. While there’s no doubt the election litigation will drag on for weeks, hopefully by Monday the market’s focus can return to the prospect of stimulus…
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