MARKETS SPECTATOR: America yes, market no

The market overreacted to the downside following Obama's victory, and while fiscal cliff negotiations will be tough there will be opportunities too.

Well, the market has spoken. Yesterday afternoon, when US futures rallied from down 1.1 per cent to only 0.4 per cent lower the reaction looked reasonably positive. Well that was quickly thrown out the window as volatility spiked and everyone ran for the exit doors as the election picture became clearer, with very little change to the balance of power, if any at all.

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