Below is a chart and brief excerpt from today's Early Look written by Director of Research Daryl Jones.
What a year it has been my, comrades! The most hedged event in history, the 2020 Presidential election (see "Chart of the Day" below) has come and gone. Now we are left to play the game in front of us. With the VIX almost sub-20 (buy the dips level!) and our GIP model pointing to a series of #Quad2 (accelerating growth, accelerating inflation, and easy monetary policy) quarters, it may finally be a stock picker’s market . . . of sorts.
This is shaping up to be pretty typical #QUAD2 morning with treasuries weaker across the curve, the dollar down versus the Euro, emerging markets trading meaningfully higher, and most commodities continuing to ramp. Even our former darling Gold is having a decent morning up +1.7%, which of course, is probably a good opportunity to exit any lingering gold exposure.