Breaking News

Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here

Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Risk Hits Profit Taking As Biden On The Brink

By Boris SchlossbergForexNov 06, 2020 07:10AM ET

www.investing.com/analysis/risk-hits-profit-taking-as-biden-on-the-brink-of-presidency-200543752

By Boris Schlossberg | Nov 06, 2020 07:10AM ET

Saved. See Saved Items.

This article has already been saved in your Saved Items

Biden flips Georgia risk hits profit-taking
Nonfarm payrolls ahead
Nikkei 0.91% Dax -0.93%
UST 10-year 0.77
Oil $37
Gold $1956/oz.
BTC/USD $15474/oz.

North America Open

USD NFPs 8:30
CAD Labor 8:30

Risk flows tool a pause with stock index futures down by more than 1% in Asian and early European trade as Joe Biden took a lead in Georgia and was within striking distance of flipping the vote count in Pennsylvania which would ensure that he will win the Presidency.

The news out of Georgia was tectonic because it not only suggested that Mr.Biden may score an unexpected victory in a state that has not voted Blue since 1992, but it put the two Senatorial races into a runoff with Democrats having the possibility of turning the Senate into a 50-50 tie. Under that scenario, the possible Vice President Harris would be the tie-breaking vote which would effectively give the Democrats control of both the executive and the legislative branches which could lead to higher corporate taxes and greater regulation.

There is no doubt that the Democratic edge would razor thin and there is little evidence that they would embark on such a path immediately, but just the prospect of such a scenario has cooled investor enthusiasm a bit after yesterday’s giddy rally which was based on the idea of gridlock in Washington along with the steady, conventional stewardship of the Presidency by Joe Biden.

Today all eyes will be glued to the recount in the Keystone State where Mr. Biden is within striking distance of overtaking Trump with more than a hundred thousand ballots still to be counted from very heavily blue counties. The election news is sure to overshadow the Non-Farm Payroll report which is expected to print at 600K vs. 661K the month prior.

There is a decent chance that the numbers may be softer than forecast as the ISM employment index for October slipped by nearly 3% and hover just near the 50 boom/bust line. The explosion of COVID cases across the country may have had a dampening effect on business recovery and traders will be keen to look for any signs of a slowdown.

If the NFPs miss badly that could add to the acceleration of risk-off flows as any prospect of short term stimulus help from the lame-duck Congress may be unlikely given Trump’s desire to litigate the election.

Add a Comment

Lagarde Talks Tough, Powell Next At ECB By Kenny Fisher - Jun 29, 2022

The euro remains under pressure and briefly fell below the symbolic 1.0500 level in the Asian session before recovering. Lagarde says ECB ready to act if needed The ECB forum in...

Spanish Inflation Shocks By Marc Chandler - Jun 29, 2022

Overview: The sharp sell-off in US equities yesterday, led by tech, is weighing on today’s activity. Most of the large Asia Pacific markets excluding Japan and India lost more than...

NZD/USD Is Back To Multi-Month Lows; Negative Momentum Prevails By Trading Point - Jun 29, 2022

NZDUSD is recording another day of losses after a failed attempt to break significantly above the 0.6395 resistance level and the short-term descending trend line.Chances for a...

Add a Comment

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read Investing.com's comments guidelines and agree to the terms described.

I Agree

Write your thoughts here

Are you sure you want to delete this chart?

Delete Cancel

Post

Post also to:

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

Are you sure you want to delete this chart?

Delete Cancel

Post

Replace the attached chart with a new chart ?

Replace Cancel

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

US 30	30,946.0	-83.3	-0.27%
US 500	3,806.4	-12.4	-0.33%
Dow Jones	31,029.31	+82.32	+0.27%
S&P 500	3,818.83	-2.72	-0.07%
Nasdaq	11,177.89	-3.65	-0.03%
S&P 500 VIX	28.16	0.00	0.00%
Dollar Index	104.808	-0.041	-0.04%

Crude Oil WTI	110.12	+0.34	+0.31%
Brent Oil	112.91	+0.46	+0.41%
Natural Gas	6.492	+0.068	+1.06%
Gold	1,817.75	+0.25	+0.01%
Silver	20.683	-0.055	-0.27%
Copper	3.7630	-0.0087	-0.23%
US Soybeans	1,572.00	-0.50	-0.03%

SPDR S&P 500	380.34	-0.31	-0.08%
iShares Russell 2000	170.69	-1.75	-1.01%
Invesco QQQ Trust	283.80	+0.26	+0.09%
Direxion Daily Junior Gold Miners Bull 2X Shares	36.13	-1.53	-4.06%
iShares Silver	19.14	-0.05	-0.26%
ProShares Ultra VIX Short-Term Futures	14.37	+0.10	+0.70%
ProShares UltraPro QQQ	24.88	+0.05	+0.20%

Apple	139.23	+1.79	+1.30%
Alphabet A	2,234.03	-6.12	-0.27%
Tesla	685.47	-12.52	-1.79%
Amazon.com	108.92	+1.52	+1.42%
Netflix	178.36	-1.24	-0.69%
Meta Platforms	163.94	+3.26	+2.03%
Bank of America	31.86	-0.40	-1.24%

	Interest Rates	Next Meeting
FED	1.75%	Jul 27, 2022
ECB	0.00%	Jul 21, 2022
BOE	1.25%	Aug 04, 2022
SNB	-0.25%	Sep 22, 2022
RBA	0.85%	Jul 05, 2022
BOC	1.50%	Jul 13, 2022
RBNZ	2.00%	Jul 13, 2022
BOJ	-0.10%	Jul 21, 2022
CBR	9.50%	Jul 22, 2022
RBI	4.90%	Aug 04, 2022
PBOC	3.70%
BCB	13.25%	Aug 03, 2022

Risk Hits Profit Taking As Biden On The Brink

North America Open

Related Articles