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PRIOR COVERAGE:
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Sunday, November 8, 2026, 11:54 am ET The past week was probably the most consequential since Trump won a second term as president in 2024, the tariff tantrum of April, 2025, or the start of the Iran War at the end of February, 2026, sending shock waves through the political spectrum and landing a near-veto-proof majority in the House of Representatives, and, presently, a commanding 54-44 advantage in the Senate, with races in Mississippi and Alaska still pending. Democrats lead in both undecided races by thin margins, with legal battles and recounts looming. It may be as long as three to four weeks before these races are finally decided. Should the Democrats hold their advantage, the 56-44 majority would be near the 2/3rds (67 votes) majority needed to convict President Trump, should the House decide it's worth the effort. Once again, politics come clearly into play, as impeaching Trump would put Vice President J.D. Vance in the White House, giving him time to craft his policy and run for the presidency as an incumbent in 2028, though under suspect circumstances. Vance, who has quietly opposed the war with Iran, came out directly after the election and broke with the White House, saying that the war cost the Republicans the House and Senate. This kind of positioning is standard fare for Vance, who is vulnerable to criticism as a turncoat. He was a "never-Trumper" before switching up his rhetoric to become Trump's running mate in 2024. Democrats would likely use his "flip-flopping" against him in a campaign. Two Democrats to keep eyes on heading toward the presidential election in 2028 are Roy Cooper and Jon Ossoff. Cooper, former two-term governor of North Carolina, handily defeated Republican Michael Whatley in the Senate race last week. Ossoff returned to the Senate for a second term, defeating Republican nominee Mike Collins in a landslide. Cooper will turn 70 next year. Ossoff, is 39. Both are more mainstream than many of their colleagues and a movement toward their form of working class politics would mark a dramatic change away from the radicalized fringe that has emerged over the last 20 years. Whether either runs for president is still too early to tell. If they enter primaries, they each would be formidable candidates with solid credentials. A Cooper/Ossoff ticket might prove unbeatable in a national general election, given the massive shift toward Democrats that occurred last week. The event of Tuesday, November 3, represents a complete repudiation of President Trump's policies and the execution of his mandate. Trump backstabbed his self-created MAGA movement, reneging on campaign promises from fiscal policies to ending the Ukraine conflict to not starting new wars. His arrogance and questionable financial dealings in the crypto space (Trump and Melania coins) and elsewhere, using "truths" or tweets on his Truth Social and X.com platforms to influence markets and having his sons Eric and Donald Jr. and son-in-law Jared Kushner involved in defense-related, real estate, and crypto ventures. Should the House move to impeach Trump for a third time, there's a good chance that enough Republicans in the Senate would be inclined to convict him. Such a scenario might run in a manner similar to that of Richard M. Nixon, who resigned from office in 1974 rather than face impeachment. Fallout from the Watergate scandal left many Republicans off the record in favor of impeachment. Nixon took the easy way out and was pardoned by his successor, Gerald Ford, though he was neither indicted nor convicted of any crimes. Trump may face similar circumstances and also bow out with some integrity still intact. This is all speculation and Democrats are still fleshing out their priorities before returning to Washington in the week ahead. There's already talk of an imminent impeachment of Pentagon chief, Pete Hegseth, and Attorney General Todd Blanche. The temperature in D.C. is about to heat up as winter approaches. At the White House, change has already begun. Chief of Staff Suzy Wiles is out, replaced by her Deputy, Stephen Miller. Aisde from impeachment possibilities, the other main issues are the War in Iran and the ongoing inflation and affordability crisis. Trump's appointment of Miller as Chief of Staff indicates the president is inclined to keep the war effort going, despite the intensity of public dissatisfaction. Ultimate resolution in Iran will likely come to a head over funding. Democrats may not approve additional spending in Iran, though they're still gung-ho on funding Ukraine, though at lower levels than previously. As the new congress takes office officially in January, the general attitude in Washington is one of open conflict between the parties. Democrats will launch various investigations in a plethora of committees, touching on everything from corruption and enriching vested interests to health care and beyond. It's going to resemble a circus without a ringleader, at least for the next 6-12 months. What all of this has to do with investments is also yet unknown, but the message delivered by the markets post-election tended to suggest that moratoria on AI data center buildouts will face intense pressure, regulations, and permitting issues by Democrats in local jurisdictions. With tech and semiconductor stocks taking a clear beating this week, the "blue tsunami" may have managed to blow away the AI bubble in one massive gust. The mood on Wall Street changed overnight on Wednesday and Thursday, after a rally arose from the ashes of defeat, only to be overwhelmed by a massive selloff that shook the established sentiment to its core. It's no longer all right to jump right into passive investing via index funds. The market is becoming more selective and sector rotation is underway, though most of the money flows went from stocks straight into fixed income, especially treasuries, sending interest rates down to levels not seen in two months. The knee-jerk response is not likely to last. The declines of the week will be tempered by economic data and the upcoming holiday season. If the market makes it through Christmas without completely falling apart, driven by events and indications within and outside the Beltway, January is likely to be a bellwether. If there's a spate of selling, it would indicate that profits are being taken and losses will continue. Stocks, even after the week's drawdown, remain largely overvalued and a reversion to the mean is highly probable. Whether it commences immediately or is drawn out over many months is the key consideration, but, one thing is certain: the investment environment is filled will potholes and tripwires. A dangerous time has commenced. Stocks
Stocks took a serious beating in the week of the midterms: The most obvious targets were the hyper-inflated AI and Semi sectors. The NASDAQ and S&P were beaten down viciously. Money fled to the relative safety of dividend-bearing stocks and fixed-income investments. How long that money flow will sustain is doubtful. Wall Street's appetite will emerge during dips, but, rather than a continuing rally, dip-buyers are now more likely to be carried out in body bags. Earnings season is nearing an end and the political atmosphere will gather momentum prior to the predictions and smiles of the holiday season. Now that the "event" has passed, the earth scorched, Wall Street's resolve to keep the stock market humming along has been dented and value may become more favored than growth. One of the more prominent features of third quarter earnings season was the number of companies missing estimates on the revenue side, an indication that businesses were feeling the pinch because consumers were being wrecked by high prices at the gas and grocery checkout lines. Increased costs for "the core", food and energy, leaves less to spend on discretionary items. The holiday season is likely to be challenging for retailers as consumers are not exactly in a cheerful mood, given high prices and stretched budgets. Americans, however, being the free-spenders that they are, will make the rounds and run up credit cards just because that's what people do in desperate times, throwing caution to the wind in exchange for more immediate satisfaction. Everything is purchased on credit - from housing to home appliances to even the basics. It's a sorry state of affairs in the debt-based economy, one of the worst periods ever in U.S. history for affordability. The week ahead offers a cross-section of straggler companies reporting third quarter earnings: Monday (before open): Constellation (CEG), Barrick (B), Sharplink (SBET); (after close): Hims|Hers (HIMS), Plug (PLUG) Tuesday (before open): Bitdeer (BTDR); (after close): CoreWeave (CRWV), Grocery Outlet (GO), Inovio (INO) Wednesday (before open): Sigma Lithium (SGML), Innoviz (INVZ), Rumble (RUM); (after close): Star Equity (STRR), Integra Resources (ITRG) Thursday, (before open): ntuitive Machines (LUNR), Enovix (ENVX); (after close): Nuecor (NU), Cisco (CSCO), Applied Materials (AMAT), Dragonfly (DFLI), Cerebras (CBRS) Friday, (before open): Noodles & Company (NDLS), SBC Medical Group (SBC), Suncrete (RMIX) Economic data will be scant in the week ahead with focus on October CPI, due out an hour before the opening bell on Tuesday. PPI mysteriously comes out at the same time on Friday, an aberration, as the CPI and PPI normally are released on consecutive days. October existing home sales are out on Thursday. Relevant data releases can be found at Trading View. Treasury Yield Curve Rates
Yields dropped for a fifth straight week, mostly thanks to the midterm election results and the resultant flight to safety. The 30-year bond yield dropped to 5.26%, with the 10% breaking further below 5.00%, to $4.86, both two-month lows. Spreads held fairly steady, with full spectrum at +124 and 2s-10s lower, at +35. The flight out of stocks after the elections helped the bond market's reputation as a safe haven for the present. That condition isn't likely to last long, with the October jobs report showing strong employment, giving the FOMC enough fuel to raise interest rates at least 25 basis points at the December meeting. The possibility of a raise of 0.50% is on the table and will be determined by conditions in the market and economic data releases prior to the December 9 date. Falling interest rates are a godsend for Treasury Secretary Bessent, who, as the chief architect of fiscal policy for the now-embattled administration, will receive his fair share of scrutiny. More likely to be called before investigative committees in the House and/or Senate is Commerce Secretary Howard Lutnick, for his tariff and trade policies. Spreads:
2s-10s
Full Spectrum (30-days - 30-years) Oil/Gas WTI Crude Oil futures dropped from an October 30 high of $104.12 to close Friday, November 6, at $90.34, a one-month low, on supposed expectations that the midterm results might bring an accelerated end to the conflict. Such an assessment has to be made with appropriate grains of salt as there are continuing indications that the war will re-engage. Neither side - U.S. or Iran - has conceded anything. The price of oil should be expected to remain high and volatile. Average price for a gallon of unleaded regular gasoline in the U.S. was $4.12 last week and $4.00 this week, falling just a little too late to save the bacon for the Republican party. American consumers and drivers may welcome the relief, especially if it lasts and continues to trend lower. Questions of whether a Democrat-controlled congress can get gas prices lower exist from coast to coast. Gas prices in key states:
California (leader): $5.72 (-0.14) On Sunday, November 8, there are twenty-three (23) states with average prices at or above $4.00, with twenty-five (25) below the $4 threshold, not including Hawaii ($5.64) and Alaska ($4.61), with three above $5 (California, Nevada, and Washington). The Southeast has maintained as the lowest region overall over the past 19 weeks, with prices generally below $4.00 ($3.23-3.72) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region second, prices slightly higher, from $3.71 to $3.92. Exceptions include Florida in the Southeast and Michigan and Illinois in the Midwest. Northeast states, north of Delaware and Maryland all the way to Maine, continue to average above $4.00, though they have been dropping over the past three weeks. Bitcoin
This week: $75,980.77 Crypto face-planted after the election. The sooner cyrpto is eradicated fron the universe, the better. Precious Metals Gold:Silver Ratio: 78.54 last week: 78.84 Futures, per COMEX continuous contracts:
Gold price 10/9: $4,220.30
Silver price 10/9: $61.11
SPOT: (Kitco)
Silver 10/9: $60.70 Have gold and silver finally bottomed? The answer depends upon location and perspective. In Asia, prices have been depressed and have likely found a temporary floor. In Western economies (Europe, U.S., U.K.) are probably going to see another drop, possible setting a double bottom, but there also may be further deterioration as congress changes hands in January. The interim period from now through the end of the year looks promising for precious metals, however. The only truly big event comes on December 9, when the Fed's FOMC decides on interest rate policy. A hike of 0.25% is pretty much baked into the cake, though the Fed may add some frosting with a 50 basis point (0.50%) move. Indications are positive for the lows being in over the past week. With chaos the overriding theme in international as well as national politics, the safe haven theme of precious metals should dominate. Further out, into 2027 and beyond, the potential for a price rally is evident, though a recession could change the calculus overall. In such a situation, gold and silver should be considered apart from value in dollars, euros, yen, and pounds, but wealth be measured by weight. It isn't how much one's gold and silver is worth in fiat terms, but in weight of grams, ounces, pounds, and tonnes. Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):
The Single Ounce Silver Market Price Benchmark (SOSMPB) reversed higher, to $63.77, a gain of $1.88 per troy ounce from the November 1 price of $61.89. WEEKEND WRAP While the political condition remains largely in a state of flux, as events unfold there's not likely to be any pause in the madness of politics and politicians seeking power. What evolves or devolves over the next two years in Washington and on Wall Street - the two largely inseparable - can be described accurately in one word: chaos.
At the Close, Friday, November 6, 2026:
For the Week:
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