News to Know: Turn of Events in Alabama, Fed Decision Today
Good Morning Traders,
Despite the unexpected turn of events in Alabama last night, futures are relatively flat as investors eye the Fed’s interest rate decision later today.
The VIX currently sits at 9.88 with Contango at 15.14%.
Trump has to be seriously regretting picking Sessions as AG. Not only has Sessions recused himself from appears to be a sham investigation, his seat which he won with 97% of the vote went to a Democrat. The implications for Republicans are troubling going into 2018. WSJ Link
Roy Moore is refusing to concede. CNN Link
The investigation into DOJ and Mueller team officials is heating up. Thousands of texts have been recovered revealing troubling bias during the Clinton investigation and subsequent Trump inquiry. Zero Hedge Link
The bottom line as we see it is the Alabama election should light a fire under Republicans to push through the tax reform bill. Should they enter 2018 with out any accomplishments still mired in the Russia investigation, more upsets could certainly be in store. The market apparently agrees with futures being unch despite the Republicans losing a precious seat.
In all honesty, we were secretly hoping the election results would bring about more volatility, but the Christmas rally appears to still be in tact. We will continue watching for a new opportunity to get short UVXY.