Add a dash of your personal beliefs and biases.
Add in 3/4 of a cup of auction mechanics.
And then add 1/4 cup of market volatility.
The result will be your own individual skewed perceptions of what is occurring in the market-place. I can almost guarantee it.
I’m reading streams this morning of the market ‘reacting in XYZ manner because so-and-so was elected’
Here’s the cold honest truth of it.
The stock market is a giant Rorschach for your own personal belief system. And at the time of this writing and at the end of everything? We are trading exactly where we were trading yesterday near this time, and on October 17th, October 3rd, and on August 1st.
Volatility can do some funny things to your perceptions.
Incidentally, the more interesting story is the re-pricing of the Curve as of late.