With markets opening again this morning, FBI Director James Comey announced to congress that the extra 650,000 emails discovered on the PC of Anthony Weiner (the estranged husband of top Clinton aide Huma Abedin) had no traces of criminal activity and Hillary Clinton will face no criminal charges as a result.
— ForexLive (@ForexLive) November 6, 2016
More from FBI Director James Comey:
“Agents have reviewed all of the communications that were to or from Hillary Clinton. …that were part of newly discovered emails.”
“The FBI has not changed our conclusions from earlier this year no charges will be pursued.”
Other than some technical more than anything action in Gold, the way that markets hadn’t even bothered to price in the risks that a criminal indictment could have posed, shows how low expectations were for any other outcome from the FBI.
The question becomes why the FBI even bothered going down this path so late in an election campaign when the outcome was always going to be nothing found… but for us lets stick to focusing on the markets.
If people didn’t trust Hillary then, they wont trust Hillary now. Nothing changes.
Trump win re-price risk just gets bigger. @VantageFX
— Dane Williams (@danewilliamsau) November 6, 2016
Do you really think that anyone will change their vote on today’s FBI statement? No way!
My opinion is that when it comes to the risk that a Trump presidency poses to markets, this clearing of Clinton means nothing.
The unknown risk is still that regular people who may naturally lean to the right side of the political scale, won’t participate in any public polling or media engagements in fear of being branded crazy or a racist. However, if you lock them in a private polling booth, they will have no problem privately giving Donald Trump their vote.
— Vantage FX (@VantageFX) November 6, 2016
But as you can see from the gaps on the open, the market is trading like it did mean something. This is where opportunity could lie for some early week trading opportunities.
This week’s trading is going to go down in history no matter what happens. You have been warned to manage your risk accordingly.
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This is a guest post originally appeared on Vantage FX. Reposted with permission.