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“Beyond this, the problem is universal. It is that governments are now held responsible for the welfare of the people. The aspirations of the people can outrun their ability to pay for them, and nobody has yet found a way to create answers to the aspirations out of thin air.” – Adam Smith, The Money Game
It was a dramatic night on the political landscape with President Trump’s return to the White House, but in the markets, it was a quiet night ahead of a slow day for data. The only notable event on the calendar is a 10:40 eastern speech by Fed Chair Powell.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, German factory orders, trends related to the COVID-19 outbreak, and much more.
While the S&P 500 has convincingly moved back above its 50-DMA and traded to its highest level since September 16th, gold still has about another 1.5% to go to get back above its own 50-DMA. Gold prices have rallied $80 (4%) off their recent lows, but in the process are now bumping up right against a short-term downtrend from its recent high. How gold reacts in the next couple of days will answer whether this most recent bounce results in a fourth lower high or the beginning of a new leg higher.