The Presidential polls were wrong. The exit polls were wrong. Early on E-Mini S&P 500 Futures had extended their gains and were up more than 15, hitting a high of 2152.50. Then returns started coming in indicating that perhaps there was a chance Donald Trump might win. The Futures reversed and by 9:30 pm CT were near limit down and eventually hit it later at 2028.50. Stock Futures spent a few hours putting in a bottom and then rallied. By this morning, when Pete Mulmat joined the guys to discuss the markets, the E-Minis were still down, but well within the expected range and the move had the boys wondering if we might open unchanged. The “geniuses” who were laughing at those who had sold premium no longer looked like geniuses. Tony recalled that he was worried last night when Tom sold the Bonds and how surprised he was at their complete reversal, down 4.10 at 157.25 (“How does Daddy do it?”).
Beside the moves in the Bonds and E-Minis, Gold, Crude Oil, the Euro and especially the Mexican Peso went through similar swings overnight. Tom, Tony and Pete reviewed all the important moves, what they had done overnight, emails they received from tastylivers explaining what they had done and correctly predicted that Implied Volatility (IV) would be crushed. They pointed out why we always say “trade small”. They discussed the statements and promises Trump made while a candidate and what it might mean for the markets. Would “The Wall” be built? Will Obamacare be replaced? How much would healthcare stocks rally. What might happen next?
Watch this special tasty Extras with Tom Sosnoff, Tony Battista and Pete Mulmat for a wide-ranging and free flowing, informative and entertaining discussion of the 12 hours that changed America’s political landscape and the ultimate effects on the markets which proves that the tastylive strategy of selling premium and high Implied Volatility is the right way.
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