The long-awaited election results came in on November 8-9 and the whole world was surprised.

Republicans held majorities in the House and Senate and most unexpectedly won the Presidency.

Mr. Trump's odds were 4-1 in betting pools election day and soared to 12-1 early that election evening.

The DJIA dropped 800 plus points in the overnight futures markets on Nov 8 but began to rally the next morning as the DJIA rallied 5.88 % in the month. The SPX closed at record highs up 7.58 % year to date and up 3.4% in November alone.

The shocking result caused a massive migration from Bonds into stocks in the third worse selloff in 30 years for US Treasuries.

Sentiment swiftly changed from low rates for as far and long as the eye could see, expected to be continued with a Clinton win, to faster GDP growth expectations. Trump's policy proposals very much ignored in the media are for lower tax rates for corporations and individuals along with a $1trillion fiscal spending plan on infrastructure.

Throw in lower regulatory burdens on industry and banks and we got a bull run the likes we have not seen in years.

Financials and Industrials soared while defensive groups with good yields swooned.

Gold and Bonds plunged as safe havens were suddenly out of fashion.

All the best for a wonderful holiday season!

Doug Coppola

John Coppola

December 1, 2016

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