Given the mayhem that took place a couple of weeks ago during the first round of the French elections, I was naturally curious to see what would happen yesterday, during the runoff. Marchon was widely expected to win, and he did so, and quite handily. As with the last instance, there was a sudden “pop” in just about every market………the difference this time being the pop lasted about a quarter of a second, followed by a slow erosion through the night. First with crude oil……..
…..and the Euro………
……..and the USD/JPY………..
The NASDAQ……….
……finally, the ES itself……
It seems pretty evident the market is (wisely) declaring that Marchon isn’t the Solution To All The World’s Problems (most particularly France’s). My principal focus continues to be on energy (more specifically, oil-related companies), with an eye toward the big OPEC meeting near the end of this month.
