Via ConvergEx's Nicholas Colas,
With yesterday’s impressive equity rally, every trader is asking the same question: “Can U.S. equities go green on the year?” The S&P 500 is now down “just” 3.2% in 2016 and there’s nothing like a +2% one-day rally to hold out hope of actual gains before March 31.
“To make America great again, what’s the first thing that comes to mind?”
A person from the back of the hall—no doubt a college student—shouts “Biscuits!”
That was the kind of irreverent fun I was looking for at a Trump rally, and in fact was the high point of the event, taking place long before the candidate himself appeared on stage. (The correct answer was “Immigration.”)
As early predicted results come in on Super Tuesday, Democratic presidential candidate Senator Bernie Sanders looks to have notched up the Vermont Democratic primary in his home state. A revolution is brewing in America as Sanders hopes to bring Vermont’s values to the rest of the 35 states that are up for grabs after tonight’s primaries. Early results are showing more potential victories for Bernie Sanders before the night is over, while the establishment media covering Super Tuesday are talking about a ‘Clinton versus Trump’ presidential race.
Following yesterday's torrid 2.4% March opening rally, which resulted in the biggest S&P gain since January and the best first day of March in history on what was initially seen as very bad news, and then reinterpreted as great news, overnight futures have taken a breather, and erased a modest overnight continuation rally to track the price of oil lower.