November 3, 2020

Markets were fearless on election day as the S&P 500 was up 1.8% and Toronto was up 1.8% and Toronto was up 1.5%.

The vast majority of stocks were up. Once again there were no notable declines among the stocks on our list with the exception that penny stock Ceapro declined 5%.

AutoCanada jumped 8.0% and is back close to its recent highs. Industry statistics out today indicated that October total auto sales in Canada were considered strong as they were only down 2% versus last year. After some very slow months in 202 (due to the pandemic) auto dealers on average are back to about normal sales levels. And AutoCanada has been outperforming the industry averages.

The market now awaits the results of the election. 

In terms of the market the most freighting outcome would be a close election where the result could change as mail-in ballots are counted over several days or more and which could lead to court challenges. If Trump is ahead tonight and then gets beat as mail-in ballots come in that would certainly seem to lead to a tumultuous time. Hopefully that will not happen.


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