Stocks Surge On Brink Of Two Historic Events: Here's What You Need To Know

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It’s finally here the election and the start of QEII, and stocks are still going nuts.But first, the scoreboard:

Dow: +64
NASDAQ: +28
S&P 500: +9

And now, the top stories:

  • First, Asia generally drifted higher, although Shanghai slipped a little. There was not a whole lot of news.
  • In Europe, the PIIGS crisis headlines really started heating up some more. Ireland CDS spreads and 10-year yields hit brand new highs again, as more and more pundits sense some kind of imminent conclusion to the drama, probably with the Irish budget in December.
  • In the US, we got a one-day news vacuum. There was little by way of big economic or earnings news this morning, as everyone has their eyes on tonight (the election) and QEII (tomorrow). In the absence of any news, we just got more and more meltup, and the indices briefly flirted with their all-time post-crisis highs. At the moment we’re just short.
  • As for the macro action today, it was a very classical “risk on” kind of day. The dollar dipped, gold and oil both rallied, with the latter particularly looking like it may be on the verge of a breakout.
  • For the final odds ahead of tonight’s big vote, see here.
  • And for the most likely FOMC language, see here.

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