Election Day!

Yes, the big day is finally here and everyone’s attention, including that of investors and market participants, is clearly focused on how, and when, that may play out. Apart from the eventual outcome, concerns surrounding possible delays in arriving at that outcome have given financial markets the jitters for weeks.

But as the polls open, we’re likely to learn this morning that Factory Orders grew 1% in September and without Transportation components, they grew 0.6%. For the headline number, that would be a little better than August’s rise of 0.7% and ex-trans, about the same. We are also awaiting another report that Durable Goods Orders grew 1.9% in September and without Transportation, grew 0.8%. These finalized values should confirm a preliminary report issued previously. Core Capital Goods Orders are also expected to have grown 1% in September. Later today, Wards Automotive Group is expected to release their October sales report and should show an increase to a 16.5M annualized pace from September’s 16.34M. It’s unlikely that any of today’s data will provide much market-moving impetus despite how it comes in.

Meanwhile, Treasury prices are slipping a little bit and that has pushed the Ten-Year’s yield up to around 87 basis points while the Long Bond rests at 1.66%. Even the moribund Two-Year has moved up one basis point to 0.16%. Crude oil is showing a little rebound to $38.09 while gold’s rally continues to $1,906. Equity markets are again solidly in the green. Will they stay that way?