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Market Update - November 4, 2020 - Election Recap

11/4/2020

 
The Dow Jones Industrial Average jumped 700 points, or 2.6%. The S&P 500 traded 3.1% higher. The tech-heavy Nasdaq Composite popped 4.1%. 

The market is higher as the blue wave that was forecasted did not materialize.   However,  proceed with caution there is volatility ahead.  If you were thinking of reducing market risk now might not be a bad time to do so.   My feeling is the worst case scenario for short term market volatility has played out.  The President had a significant lead yesterday evening.  The lead was big enough for him to feel comfortable claiming victory.  However, his claims don't seem to be supported by the vote count, as he is currently trailing in Michigan, Nevada and Wisconsin.  If Biden takes those 3 states he will have won the election regardless of Pennsylvania. What that sets up for is a protracted fight and recounts in the most closely contested states.  I don't think today's rally is properly considering that scenario.  The next few weeks will be very volatile,  I am NOT advising to get out of stocks.  We will get through this election cycle and the market will be fine.  What I would suggest for those who might be nervous about the weeks ahead.  Take a look at your retirement account (401k, 457, TSP, IRA,etc.) and if you have had a large increase  then take 5 to 10 percent of it and move it to the sidelines in something like a stable value fund or short term government bonds.    
 
I am here to help at any time. If you would like to schedule a phone/web conference appointment, I have included a link to my calendar below and you can self schedule. For those of you who prefer an in person meeting I am now scheduling in person meetings as well, please email me if you would prefer an in person appointment.
https://booknow.appointment-plus.com/b8hh5y90/

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    Stephen Caruso
    President & Founder

    Laurel Wealth Solutions

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STEPHEN CARUSO
President & Founder

Laurel Wealth Solutions
p. 800.LWS.4579  (800.597.4579)  |  f. 914.517.5107
e. [email protected]

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Licensed Insurance Professional.
Stephen Caruso is an Investment Advisor Representative offering investment advisory services through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe"). Belpointe is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC. Important disclosures related to Belpointe are available at http://www.belpointe.com. Additional information pertaining to Belpointe’s registration status, its business operations, services and fees and its current written disclosure statement is available on the SEC’s Investment Adviser public website at https://www.adviserinfo.sec.gov/. 
AR-4241  |  18296-2018/12/11
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