november the 16th is in the books here
on Wall Street here's the New York
minute it's been a relatively calm day
of consolidation a slight correction
from some of the trends we've seen since
last week's remarkable victory for
Donald Trump but the winners and losers
are becoming ever clearer first of all
it's a victory for the little guy the
Russell 2000 index of smaller companies
hasn't beaten the Russell top 50 index
to this extent in more than a decade
it's also a victory for the US and
apparently a defeat for the rest of the
world the sp500 hasn't beaten footsies
rest of the world indexed to this extent
in all the time that footsie has been
keeping its index also it's a victory
for the strong dollar on a
trade-weighted basis the dollar is as
strong as it has been in 13 years now a
strong dollar is bad news for exporters
it makes it's also bad for their
earnings it explains why smaller
companies are performing better but if
we take a look at rate expectations you
can see that there is also now an
expectation that we will get to rate
rises by mid summer of next year that's
bad for domestic players as well there
are negatives here for the time being
people are happy to concentrate on the
positives and that's the New York minute